GOBIERNO DE PUERTO RICO...GOBIERNO DE PUERTO RICO Autoridad de Puerto Rico para el Financiamiento de...

GOBIERNO DE PUERTO RICO Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental

27 de marzo de 2017

Hon. Thomas Rivera Schatz Presidente Senado de Puerto Rico El Capitolio PO Box 9023431 San Juan, PR 00902-3431

Estimado señor Presidente:

La Ley número 121 del 2 7 de junio de 1977, según enmendada, dispone que la Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental (AFICA), someta a la Legislatura y al Gobernador de Puerto Rico después del cierre de cada año fiscal del Estado Libre Asociado de Puerto Rico:

1. Un estado financiero y un informe completo sobre los negocios de AFICA para el año anterior.

2. Un informe completo sobre el estatus y el proceso de todos sus financiamientos y actividades desde la creación de AFICA o desde la fecha de su último informe.

A tales efectos y según dispuesto por ley, adjunto encontrará los Informes de AFICA para los años fiscales 2014-15 y 2015-16.

Atentamente,

o Ramos utivo de AFICA

Anejos

PO Box 42001 • San Juan, PR 00940-2001 • Te léfono (787) 722-2525

•' . .

GOBIERNO DE PUERTO RICO Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental

INFORME ANUAL PARA EL AÑO FISCAL 2014-2015

AL HONORABLE GOBERNADOR DE PUERTO RICO Y A LA LEGISLATURA DE PUERTO RICO

PO Box 42001 • San Juan, PR 00940-2001 • Teléfono (787) 722-2525 AFICA

INFORME ANUAL AL GOBERNADOR DE PUERTO RICO Y A LA LEGISLATURA

De la Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental (AFICA)

En virtud de la Ley Núm. 121 de 27 dé junio de 1977, según enmendada.

ÍNDICE

l. Estados Financieros para el Año Fiscal 2014-2015

11. Informe Sobre el Status de los Financiamientos

A. Emisiones de Bonos desde su Creación y Balances en Circulación

B. Emisiones de Bonos Vigentes al Finalizar el Año Fiscal 2014 - 2015

C. Emisiones de Bonos durante el Año Fiscal 2014 - 2015

D. Transacciones Posteriores al Cierre del Año Fiscal 2014 - 2015

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l. Estados Financieros para el Año Fiscal 2014 - 2015

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LLM&D, PSC 165 Ponce de León Ave. , Second Roor San Juan, Puerto Rico 0091 7-1233

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND

ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY

(A Componcnt Unit of thc Commonwealth of Puerto Rico)

BASIC FINANC!Al STATEMENTS AND

REQUIRED SUPPLEMENTARY INFOR.ivfATJON

June 30, 2015

(With lndependent Auditors' Report Thereon)

CERTl flED PUDLIC ACCOUNTANTS • BUSINESS AND TAX CONS ULTAN TS Membcr í-irm of Thc Americnn Institu to and the Puerto Rico Socicty oí Certified l'ublic Accountanl~

Tel. 787.777.0660 • Fax. 787.765.8033 • www.llmdcpa.com

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVffiONMENT AL CONTROL FACILITI.ES FINANCING AUTHORITY

(A Component Unit of the Commonwealth of Puerto Rico) INDEX TO THE BASIC FINANCIAL STATEMENTS

INDEPENDENT AUDITORS' REPORT

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)

BASIC FINANCIAL STATEMENTS:

Statement of Net Position

Statement of Revenues, Expenses, and Change in Net Position

Statement of Cash Flows

Notes to Basic Financia! Statements

Page

1-3

4-8

9

JO

11

12-22

LLM&D, PSC 165 Ponce de León Ave., Second Roor San Juan, Puerto Rico 00917-1233

INDEPENDENT AUDITO RS' REPORT

To thc l3oarcl of Directors of Puerto Rico Industrial, Tourist, Educacional, .Medica! and Environmencal Control facilities Financing Authoriry:

Report on the Basic Financia! Staternents

\Ve ha\·c audited the accompanying sratcrnent of ner position of the Puerto Rico Industrial, Tourist, Educacional, Medica! ancl Environmental Control Facilities Financing Authority (thc "r\uthority") as of J une 30, 2015 ancl the statcments of revcnucs, expenses and changc in net position and cash flows for thc year then ended, and thc related notes to che financia! statemcnts, which collectively comprisc the i\uthori t:y's basic financia! srarcmcnts as listed in the table of contents.

Management's Responsibility for the Basic Financia! Statements

l\fanagemcnt is responsiblc for the preparntion and fair prescntation of these basic financia! statements in accordance with accounting principies generally accepted in the United States of America; this includes the design, implementation, and maintenance of interna! control relevant to

che prcparntion and fair presentation of financia! starcmcnts that are free from material missratement, whether duc to fraud ar error.

Auditor's Responsibility

Our responsibility is to cxprcss an opinion on these basic financia! statcments based on our audir. We conducted our auclit in accordance with aucliting standarcls gcncrally acccptcd in the United Sta tes of Amcrica. Those stanclards rcquirc that wc plan and perform the audit to obtain reasonable assurancc about whcrhcr rhe basic financia! srarements are free of material misstatcmenr.

An audit involves perfonning proccdures to obtain audit cvidence about thc amounts and disclosures in the basic financia! sratemcnts. The proccdurcs sclccted clcpend on the auditor's juclgment, including the assessmcnt of thc risks of material misstatcment of the basic financia! statements , whether duc to fraud or error. In rnaking rhose risk asscss rnents, the auditor considers interna! control rclcvant to thc i\uthority's prcparation and fair prcsentation of the basic financia! statements in arder to design audit proccdures thar are appropriate in thc circumstances, but not far the purposcs of exprcssing an opinion on rhc cffecti\·cncss of the r\uthorit:y's interna! control. Accordingly, wc exprcss no such opinion. An audit also includes cvaluating che appropriatcness of accoun ti ng policics used and rhc reasonablencss of significant accounting estimares made by managemenr, as well as evaluating the ovcrnll prcscnration of thc basic financia! statcmcnts.

\X e belie\T that the audit e\'idcncc we havc obtaincd is sufficicnt and appropriatc to pro,·idc a basis far our auc.lit opinion.

CERTlf'IE D P U BL!C ACCOU NTAN TS • BUSINESS J\ND TAX CONS ULTJ\ NTS Member Finn of The American lnstilulc and thc Puerto Rico Society of Ccrtified Public Accounlants

Tel. 787.777.0660 • Fax. 787.765.8033 • www.llmdcpa .com

Basis for Qualified Opinion

As explained in note 2, the Authority has not implemented the requirements of the Governmental Accounting Standards Board (GASB) Statement No. 68, Acco1111ti11g and Fi11a11cial Reportingfor Pensio11sa11 amendment qf GASB 27. Accordingly, the Authority has not been able to determine and account for its proportionate share of the net pension liability, deferred outflow of resources and deferred inflow of resources related to pension costs; and has not recognized the effect of current period changes in net pension liability, deferred outflow of resources and deferred inflow of resources associated with these costs.

Accounti.ng principles generally accepted in the United States of America require that pension related liability, deferred outflow of resources and deferred inflow of resources, as applicable, be recognized in accordance with the parameters established by GASB 68, as well as the effect of current period changes of the aforementi.oned amounts that must be recognized in pension expense during the current year. Recognition of these amounts would increase liabilities, create deferred outflow of resources, create deferred inflow of resources, decrease net position and change the amount of pension expense within general and administrative expenses. The amounts by which this departure would affect liabilities, deferred outflow of resources, deferred inflow of resources, net position and expenses of the Authority has not been determined.

Opinion

In our opinion, except for the effects of the matters described in the "Basis for Qualified Opinion" paragraph, the basic financia! statements referred to above present fairly, in ali material respects, the financia! position of the Authority, as of June 30, 2015, and the changes in its financia! position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Req11ired Srrpplemmtary lnformatio11 Omitted

The Authority has omitted the Schedules of the Authority' Proporti.onate Share of the Net Pension Liability and the Schedule of the Authority's Contributi.ons to the Employees' Pension Plan, information that accounting principies generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financia! statements, is required by the GASB, who considers it to be an essential part of the financia! reporti.ng for placing the basic financia! statements in an appropriate operacional, economical or historical context. Our opinion on the basic financia! statements is not affected by this missing information.

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Rcq11ired S11pple111entmy 11!fim11alio11

i\ccounting principies geoeraUy acccpted in the Unitcd States of America require that the l'lfanagement's Discussion ancl 1\nalysis on pages 4 through 8 be prescnted to supplement che basic financial statements. Such information, although nota pare of che basic financia! statements, is rec¡uired by the GASB who considcrs it to be an esscntial part of financia! reporting far placing the basic financia! statcmcnts in an appropriatc operacional, economic, or historical conrext. \Ve ha.Ye applied cenain lim.ired procedures to rhe requircd supplcmentary information in accordance wirh auditing standards gcnerally acceptcd in rhe Unitcd Statcs of i\merica, which consistcd of inguiries of management abour the mcrhods of prepa1ing che information and comparing the information far consistency with managcment's responses to our inquirí.es, the basic financia! statements, and othcr knowlcdge wc obtained dllling our audit of thc basic financia! srntcments. \Ve do not express an opinion or providc any assurance 011 rhe information bccausc the limited proccdures do not provide us with sufficient evidcnce to cxpress an opinion or provide any assurance.

Octobcr 2, 2016

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Liccnse No. 90 Expirntion Date: Dcccmbcr 1, 2016

PUERTO RICO INDUSTRIAL, TOURIST, EDUCA TIONAL, MEDICAL, AND ENVIRONMENT AL CONTROL FACILITIES FINANCING AUTHORITY

(A Component Unit oftbe Commonwealtb of Puerto Rico) MANAGEMENT'S DISCUSION AND ANAL YSIS

AS OF ANO FOR THE YEAR ENDED JUNE 30, 2015

This section presents the management's discussion and analysis of the Puerto Rico Industrial, Tourist, Educational, Med ica!, and Environmental Control Facilities Financing Authority (the "Authority") financia( performance for the fiscal year ended June 30, 2015, and is presented as a narrative overview and analysis in conjunction with the basic financia( statements.

The A uthority was created to issue revenue bonds and to lend the proceeds thereof to finan ce the acquisition, construction, and equipping of industrial, tourist, educational, medica!, and environmental control facilities. The Authority charges a placement fee based on the face value ofthe bonds issued. The Authority is exempt from taxation in Puerto Rico.

l. Financial Highlights

• The Authority's total net position decreased by approximately $9 .5 mi Ilion or 100% during the fiscal year 2015.

• During the year ended June 30, 2015, no conduit debts were issued.

• The Authority's net loss from operations for the year ended June 30, 2015, amounted to approximately $7 ,000, representing a decrease of approximately $17,000, or 71 % when compared to prior year's net loss from operations of $24,000. Decrease in net loss is mainly related to a significant reduction in general and administrative expenses during 2015 when compared to the 2014.

• Non-operating expenses increased by $9.5 million related to a loss on impairment recognized by the Authority related to cash deposited in the Govemment Development Bank ("the Bank"). Please refer note 3 and 7 of the basic financia( statements.

Financia( Statements Overview

The financia) statements include the management's discussion and analysis narrative, the independent auditors' report, and the basic financia( statements of the Authority. The notes to the basic financia( statements provide additional information not disclosed in this section.

2. Required Financial Statements

The accompanying fin ancia! statements of the Authority present information using accounting methods similar to those used by prívate sector companies. These statements offer short and long-term financia( infonnation about its activities. The statement of net position includes ali of the Authority's assets and liabilities and provides information about the nature and amounts of investments in resources (assets) and the obligations to creditors (liabilities). It also provides the basis for evaluating the net position of the Authority and assessing its liquidity and financia! tlexibility.

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PUERTO RICO INDUSTRIAL, TOURIST, EDUCA TIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORlTY

(A Component Unit ofthe Commonwealth of Puerto Rico) MANAGEMENT'S DISCUSION AND ANALYSIS

AS OF AND FOR THE YEAR ENDED JUNE 30, 2015

Current year revenues and expenses are accounted for in the statement of revenues, expenses, and change in net position . This statement measures the success of the Authority's operations over the past year and can be used to determine whether the Authority has successfully recovered its costs through its user fees and other charges.

The final required financia! statement is the statement of cash flows. This statement reports cash receipts, cash payments, and net changes in cash resulting from operations, investing, and capital and noncapital financing activities and provides answers to such questions as where did cash come from, what was cash used for, and what was the change in the cash balance during the reporting period.

3. Financia( Aoalysis

The statement of net position and the statement of revenues, expenses, and change in net position present information about the Authority's activities in a way that will help determine whether the Authority, as a whole, is better or worse financially as a result of the current year's activities. Both statements present the net position of the Authority and the changes in them. One can think of the Authority's net position (the difference between assets and liabilities) as one way to measure financial health or financial position. Over time, increases or decreases in the Authority's net position are one indicator of whether its financial health is improving or deteriorating. However, other nonfinancial factors must be considered such as changes in economic conditions and new or changed government legislation.

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PUERTO RICO INDUSTRIAL, TOURIST, EDUCA TIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY



4. Net Position and Change in Net Position

Condensed financia} information on assets, liabilities, and net position are presented below (in thousands):

June 30, Cbange 2015 2014 Amount Percent

ASSETS - Current assets $ 69 $ 9,542 $ {9,473) (99.28)%

LIABILITIES - accounts payable

and accrued liabilities 69 75 6.00 8%

UNRESTRICTED NET POSITION $ 9,467 $ (9,467) (100.00)%

The Authority's net position for the year ended June 30, 2015, decreased by approximately $9.5 mi Ilion, or 100% over the course of the year's operations. During the year ended June 30, 2015, no bonds were issued and, therefore, no placement fees were eamed by the Authority. However, during the year ended on June 30, 2015 the Authority recognized a loss on impairment on cash deposited in the Bank amounting to $9.5 million. Loss on impairment was recognized mainly due to liquidity problems of the Bank. Please refer to note 3 of the basic financia( statement

Condensed financia( information on revenues, expenses, and changes in net position are presented below (in thousands):

June 30, Change 2015 2014 Amount Percent

OPERA TING EXPENSES: General and administrative 7 24 17 71%

(Loss) income from operations $ (7) $ (24) $ 17 71%

NON-OPERA TING REVENUES/(EXPENSES): lnterest income 9 10 (1) (10)% Loss on impairment (9,469) (9,469) (100)% Contribution to the Commonwealth {2) 2 100%

Total non-operating loss (9.460) 8 (9,468) (11 8,350)%

Changes in net posi tion (9,467) (16) (9,451) (59,069)% Net position, beginning ofyear 9,467 9,483 (16) (0. 17)% Net position, end of year $ $ 9,467 $ (9,467) (100.00)%

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PUERTO RICO INDUSTRIAL, TOURIST, EDUCA TIONAL, MEDICAL, AND ENVffiONMENTAL CONTROL FACILITIES FINANCING AUTHORITY



Comparative statements of net position show the changes in the Authority's financia! position and the statements of revenues, expenses and change in net pos ition pro vide guidance as to the nature and source of these changes.

The Authority's non-operating revenue decreased by approximately $9.5 million when compared with fiscal year 2014. Decrease in non-operating revenue is mainly due to a loss on impairment on cash deposited in the Bank, please refer to note 3 of the basic financia! statement. During fiscal year 2015 no contributions to the Commonwealth were made.

S. Debt Administration - Conduit Debt

The Authority's main operations consist of issuing revenue bonds that are considered conduit debt and, therefore, neither these bonds nor the related loans granted by the Authority are presented in the accompanying basic financia! statements. Revenue is eamed from the collection of a placement fee which generally represents 1 % of the face value of the bonds issued, except for bonds issued to finance educational, medica!, or environmental control faci lities or other projects otherwise eligible to be financed in the U.S. tax-exempt bond market, for which the placement fee charged is one half percentage (0.5%). The revenue bonds are special and limited obligations of the Authority and, except to the extent payable from bond proceeds and investments thereof, will be payable solely from and secured by a pledge and assignment of the amounts receivable under the loan agreements between the Authority and the borrowers.

Furthermore, payment of the principal and interest on the revenue bonds is unconditionally guaranteed by the borrowers, their parent companies, or letters of credit generally issued by major U .S. banks or U .S. branches of international banks. The revenue bonds do not constitute a debt ora pledge of the good faith and credit of the Authority or the Commonwealth of Puerto Rico or any political subdivision thereof.

As of June 30, 2015, the Authority has issued revenue bonds in an aggregate amount of approximately $6,353 million, wh ich $922 million are outstanding. See Note 6 to the basic financia! for the composition of the revenues bonds outstanding.

6. Currently Known Facts

The Authority is required to adopt the provision Governmental Accounting Standard Board (GASB) Statement No. 68 Accounling and Financia/ Reporlingfor Pensions - of GASB 27, and Statement No. 71, Pension Transilionfor Contribulions Made Subsequent lo the Meas uremenl Dale, an amendment of GASB Statement No. 68 (GASB No. 71 ). These Statements were effective for fiscal years beginning after June 30, 2014.

The adoption of GASB 68 requires the Authority to obtain from the Commonwealth Employee's Retirement System Administration (ERS), technical inforrnation regarding actuaria! valuations,

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PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY



discount rates, the Authority's proportionate share of the net pension liability and deferred outflows and inflows of resources, among others. At the date of the financia( statements, and in spite of severa( formal requests from the Authority's management, the ERS did not provide the Authority with the required audited information. Therefore, the Authority's basic financia] statements have been qualified as a result ofthe non-adoption of this pronouncement. The impact ofthese statements in the Authority's financia] statements could not be determined.

On April 6, 2016, the Commonwealth approved Act 21, "Puerto Rico Emergency Moratorium and Financia/ Rehabilitation" (the Act). This Act authorizes the Govemor to declare a moratorium on debt service payments for a temporary period for the Commonwealth, GDB and the Economic Development Bank for Puerto Rico (EDB).

On April 8, 2016, the Govemor signed Executive Order No. 2016-010 ("EO No. 23016-010"), declaring GDB to be in a state of emergency pursuant to Act 21. In accordance with the emergency powers provided for in Act 21, EO No. 2016-01 O implemented a regulatory framework goveming GDB's operations and liquidity, including prohibiting loan disbursements by GDB and establishing a procedure with respect to govemmental withdrawals, payments, and transfer requests with respect to funds held on deposit at GDB.

The Authority maintains all cash in GDB. Please refer to Note 3 and 7 of the basic financia! statement for further inforrnation.

7. Contacting the Authority's Financia! Management

This financia] report is designed to provide all interested with a general overview of the Authority's finances and to enhance the Authority's accountability for the resources it manages. lf you have questions about this report or need additional financia( information, contact the Puerto Rico Industrial, Tourist, Educational, Medica], and Environmental Control Facilities Financing Authority, P.O. Box 42001 , San Juan, Puerto Rico, 00940-2001.

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(A Component Unit ofthe Cornmonwealth of Puerto Rico) STATEMENT OF NET POSITION

JUNE 30, 2015

ASSETS: Cash $ 69,864

Accrued interest receivable 795

To tal assets $ 70,659

LIABILITIES - Accounts payable and accrued liabilities $ 69,864

NET POSITION - Unrestricted $ 795

See notes to basic financia! statements.

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PUERTO RICO INDUSTRIAL, TOURIST, EDUCA TIONAL, MEDICAL, AND ENVffiONMENTAL CONTROL FACILITIES FINANCING AUTHORITY

(A Component Unit ofthe Commonwealth of Puerto Rico) ST ATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION

FOR THE YEAR ENDED JUNE 30, 2015

OPERA TING EXPENSES AND LOSS FROM OPERA TIONS

General and administrative $ 7,141

NON-OPERA TING IN COME Interest 9,673 Loss on lmpainnent (9,468,590)

Total Non Operating Loss (9,458,917)

CHANGE IN NET POSITION (9,466,058)

NET POSITION - Beginning of year 9!466,853

NET POSITION - End of year $ 795

See notes to basic financial statements.

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,¡

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVIRONMENT AL CONTROL FACILITIES FINANCING AUTHORITY

(A Component Unit ofthe Commonwealth of Puerto Rico) STATEMENT OF CASH FLOWS


CASH FLOWS USED IN OPERA TING ACTIVITIES Payment for operating expenses

CASH FLOW FROM INVESTING ACTIVITIES Loss on Impairment Interest received

Tota l cash used in investing activities

NET CHANGE IN CASH

CASH - Beginn ing of the year

CASH - Ending of the year

RECONCILIA TION OF OPERA TING LOSS TO NET CASH USED IN OPERATING ACTIVITIES Operating loss

Adjustrnent to reconcile operating loss to net cash used in

operating activ ities - Decrease in accounts payable accrued liabilities

NET CASH USED IN OPERA TING ACTIVITIES

See notes to basic financia! statements

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$ ( 11,907)

(9,468,590) 9,673

(9,458,91 7)

(9,4 70,824)

9,540,688

$ 69,864

$ (7, 141)

(4,766)

$ ( l l ,907)

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(A Component Unit of the Commonwealth of Puerto Rico) NOTES TO BASIC FINANCIAL STATEMENTS


l. REPORTING ENTITY

The Puerto Rico Industrial, Tourist, Educational, Medica(, and Environmental Control Facilities Financing Authority (the "Authority") is a component unit ofthe Commonwealth of Puerto Rico (the "Commonwealth") and an affiliate of the Govemment Development Bank for Puerto Rico (the "Bank"), created by Act No. 121 (the "Act") ofthe Legislature of the Commonwealth on June 27, 1977, as amended.

The Authority was created to issue revenue bonds and to lend the proceeds thereof to finance the acquisition, construction, and equipping of industrial, tourist, educational, medical, and environmental control facilities. The Authority charges a placement fee based on the face value ofthe bonds issued. The Authority is exempt from taxation in Puerto Rico. See more information about these bonds on Note 6.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of the Authority conform to Accounting Principies Generally Accepted in the United States of America ("GAAP"), for governments as prescribed by the Governmental Accounting Standards Board ("GASB").

During fiscal year ended on June 30, 2015 certain Govemmental Accounting pronouncements became effective, none of which had any impact in the results of the operations or in the presentation of the financia! statements of the Authority.

Following is a description of the Authority's more significant accounting policies:

Measureme11t Focus, Basis of Accounting and Fin(!11cia/ Statements Prese11tation - The Authority's financia! statements are reported using the economic resources measurement focus and the accrual basis of accounting. Operating revenues are recorded when eamed and operating expenses are recorded when incurred, regardless of the timing ofrelated cash flow. The Authority's placement fee income is recognized u pon the issuance of the bonds. Revenues and expenses not meeting these criteria are reported as non-operating revenues or expenses.

The statement of net position presents the Authority's assets and liabilities, with the difference reported as net position. Net position is reported in two categories:

a) Restricted component of net position consists of restricted assets reduced by liabilities related to those assets. Restricted net position results when constraints placed on net position use are either extemally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutional provisions or enabling Jegislation.

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b) Unrestricted component of net position consists of net amount of the assets and liabilities that do not meet the definition of the preceding category. Unrestricted component of net position often is designated, in order to indicate that management does not consider them to be available for general operations. Unrestricted component of net position often has constraints on use that are imposed by management, but such constraints may be removed or modified.

The statement of revenues, expenses, and changes in net position demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function.

/11come Tax - The Authority is exempt from taxation in Puerto Rico.

Use of Estima/es - The preparation of the financia) statements in confonnity with accounting principies generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and Jiabilities and disclosure of contingent assets and liabilities at the date of the financia! statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Bonds and Related Loans- Revenue bonds issued by the Authority are considered conduit debt and, therefore, neither these bonds nor the related loans granted by the Authority are presented in the accompanying basic financia! statements.

Rece11tly Issued Accounting Pronounceme11ts - The GASB has issued the following accounting pronouncements that have effective date after June 30, 2015:

• GASB Statement No. 72, Fair Value Measurement and Application. This Statement addresses accounting and financia! reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sellan asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financia! reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to ali fair value measurements. The provisions of this Statement are effective for financia! statements for periods beginning after June 15, 20 15.

• GASB Statement No. 73, Accounting and Financia! Reportingfor Pensions and Related Assets That Are Not within the Scope o/ GASB 68, and Amendments to Certain Provisions o/ GASB Statements 67 and 68. This Statement establishes requirements for defined benefit pensions that are not within the scope of Statement No. 68, Accounting and Financia! Reportingfor Pensions, as well as for the assets accumulated for purposes of providing those pensions. In addition, it establishes requirements for defined contribution pensions that are not within the scope of Statement 68. It also amends

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(A Component Unit ofthe Commonwealth of Puerto Rico) NOTES TO BASIC FINANCIAL STATEMENTS


certain provisions of Statement No. 67, Financia) Reporting for Pension Plans, and Statement 68 for pension plans and pensions that are within their respective scopes. This Statement also clarifies the application of certain provisions of Statements 67 and 68 with regard to the following issues:

../ lnformation that is required to be presented as notes to the 10-year schedules ofrequired supplementary information about investment-related factors that significantly affect trends in the amounts reported .

../ Accounting and financia! reporting for separately financed specific liabilities of individual employers and nonemployer contributing entities for defined benefit pensions .

../ Timing of employer recognition of revenue for the support of nonemployer contributing entities not in a special funding situation.

The requirements of this Statement that address accounting and financia) reporting by employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement 68 are effective for financia) statements for fiscal years beginning after June 15, 2016, and the requirements of this Statement that address financia! reporting for assets accumulated for purposes of providing those pensions are effective for fiscal years beginning after June 15, 2015. The requirements of this Statement for pension plans that are within the scope of Statement 67 or for pensions that are within the scope of Statement 68 are effective for fiscal years beginning after June 15, 2015.

• GASB Statement No. 74, Financia! Reporlingfor Postemploymenl Benefit Plans Other Than Pension Plans. This Statement replaces Statements No. 43, Financia/ Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended, and No. 57, OP EB Measurements by Agenl Employers and Agenl Multiple-Employer Plans. lt also includes requirements for defined contribution OPEB plans that replace the requirements for those OPEB plans in Statement No. 25, Financia! Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, as amended, Statement 43, and Statement No. 50, Pension Disc/osures. The objective of this Statement is to improve the usefulness of infonnation about postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general purpose externa) financia) reports of state and local govemmental OPEB plans for making decisions and assessing accountability. This Statement is effective for financia! statements for fiscal years beginning after June 15, 2016.

• GASB Statement No. 75, Accounting and Financia/ Reporting for Postemployment Benefit Other Than Pension. This Statement replaces the requirements of Statements No. 45, Accounting and Financia/ Reporting by Employersfor Postemployment Benefits Other Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, for OPEB. The primary objective of this Statement is to improve accounting and financia! reporting by state and local

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.,

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(A Component Unit ofthe Commonwealth of Puerto Rico)

•

NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2015

govemments for postemployment benefits other than pensions (other postemployrnent benefits or OPEB). It also improves inforrnation provided by state and local govemmental employers about financia( support for OPEB that is provided by other entities. This Statement is effective for fiscal years beginning after June 15, 2017.

GASB Statement No. 76, The Hierarchy ofGenerally Accepted Accounting Principies for State and Local Governments. This Staternent supersedes Statement No. 55, The Hierarchy of Genera/ly Accepted Accounting Principies for Sta/e and Local Governments. The objective of this Statement is to identify-in the context of the current governrnental financia( reporting environment-the hierarchy of generally accepted accounting principies (GAAP). The "GAAP hierarchy" consists of the sources of accounting principies u sed to prepare financia( statements of state and local govemmental entities in conforrnity with GAAP and the framework for selecting those principies. This Statement reduces the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP. The requirements of this Statement are effective for financial statements for periods beginning after June 15, 2015.

• GASB Statement No. 77, Tax Abatement Disclosures. This Statement requires govemments that enter into tax abatement agreements to disclose the following inforrnation about the agreements:

./ Brief descriptive information, such as the tax being abated, the authority under which tax abatements are provided, eligibility criteria, the mechanism by which taxes are abated, provisions for recapturing abated taxes, and the types of commitments made by tax abatement recipients

../ The gross dollar arnount of taxes abated during the period

../ Commitments made by a govemment, other than to abate taxes, as part of a tax abatement agreement.

Govemments should organize those disclosures by major tax abatement program and may disclose information for individual tax abatement agreements within those programs. Tax abatement agreements of other governments should be organized by the government that entered into the tax abatement agreement and the specific tax being abated. Governments may disclose inforrnation for individual tax abatement agreements of other govemments within the specific tax being abated. For those tax abaternent agreements, a reporting government should disclose:

../ The narnes of the governments that entered into the agreements. ,/ The specific taxes being abated . ./ The gross dollar amount of taxes abated during the period.

15

-




• GASB No. 78, Pensions Provided Through Certain Multip/e-Employer Dejined Benejit Plans. This Statement addresses a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financia/ Reportingfor Pensions. This issue is associated with pensions provided through certain multiple-employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. Prior to the issuance of this Statement, the requirements of Statement 68 applied to the financia! statements of ali state and local govemmental employers whose employees are provided with pensions through pension plans that are administered through trusts that meet the criteria in paragraph 4 ofthat Statement. This Statement amends the scope and applicability ofStatement No. 68 to exclude pensions provided to employees of state or local govemmental employers through a cost-sharing multiple-employer defined benefit pension plan that (1) is nota state or local governmental pension plan, (2) is used to provide defined benefit pensions both to employees of state or local governmental employers and to employees of employers that are not state or local governmental employers, and (3) has no predominant state or local governmental employer (either individually or collectively with other state or local governmental employers that provide pensions through the pension plan). This Statement establishes requirements for recognition and measurement of pension expense, expenditures, and liabilities; note disclosures; and required supplementary information for pensions that have the characteristics described above. The requirements of this Statement are effective for financia! statements for periods beginning after December 15, 2015.

• GASB No. 79, Cerlain Externa/ Inveslment Pools and Pool Parlicipanls. This Statement addresses accounting and financia! reporting for certain externa! investment pools and pool participants. Specifically, it establishes criteria for an externa! investment pool to qualify for making the election to measure ali of its investments at amortized cost for financia! reporting purposes. An externa) investment pool qualifies for that reporting if it meets ali of the applicable criteria established in this Statement. The specific criteria address ( 1) how the externa! investment pool transacts with participants; (2) requirements for portfolio maturity, quality, diversification, and liquidity; and (3) calculation and requirements of a shadow price. Significant noncompliance prevents the externa) investment pool from measuring ali of its investments at amortized cost for financia) reporting purposes. Professional judgment is required to determine if instances ofnoncompliance with the criteria established by this Statement during the reporting period, individually or in the aggregate, were significant. If an externa! investment pool does not meet the criteria established by this Statement, that pool should apply the special provisions included in the Statement, as amended. If an externa! investment pool meets the criteria in this Statement and measures ali of its investments at amortized cost, the pool 's participants also should measure their investments in that externa! investment pool at amortized cost for financia! reporting purposes. lf an externa! investment pool does not meet the criteria in this Statement, the pool's participants should measure their investments in that pool at fair value, as provided in Statement No. 31, as amended. This Statement establishes

16

1


(A Component Unit ofthe Commonwealth of Puerto Rico)

•

•

•


additional note disclosure requirements for qualifying externa! investment pools that meas u re ali of their investments at amortized cost for financia! reporting purposes and for governments that participate in those pools. Those disclosures for both the qualifying externa! investment pools and their participants include infonnation about any limitations or restrictions on participant withdrawals. The requirements of this Statement are effective for reporting periods beginning after June 15, 2015, except for certain provisions on portfolio quality, custodia! credit risk, and shadow pricing. Those provisions are effective for reporting periods beginning after December 15, 2015. Earlier application is encouraged.

GASB No. 80 Blending Requirementsfor Certain Componen! Units- an amendment of GASB No. 14. This statement amends the blending requirements for the financia! statement presentation of component units of ali state and local governments. The additional criterion requires blending of a component unit incorporated as a not for profit corporation in which the primary government is the sole corporate member. The requirements ofthis statement are effective for reporting periods beginning after June 15, 2016. Earlier application is encouraged.

GASB No. 81 Irrevocable Split Interest Agreements. This statement improves accounting and financia! reporting for irrevocable split interest agreements by providing recognition and measurement guidance for situations in which a govemment is a beneficiary ofthe agreement. The requirements of this statement are effective for financia( statements for periods beginning after December 15, 2016.

GASB No. 82 Pensions Jssues an amendment ofGASB Statements No. 67, No. 68 and No. 73. This statement address certain issues that have been raised with respect to Statements No. 67, Financia/ Reporting for Pension Accounting and Financia/ Reporting for Pensions and Related Assets and No. 73 Financia/ Reporting for Pension Accounting and Financia/ Reporting for Pensions and Related Assets That are not within the Scope of GASB Statement No. 68 and Amendments to Certain Provisions of GASB Statement 67 and 68. The requirements of this statement are effective for reporting periods beginning after June 15, 2016.

The requirements of this Statement are effective for financia( statements for periods beginning after December 15, 2015.

Management is evaluating the impact that these Statement will have on the Authority's basic financia( statements.

17


(A Component Unit ofthe Commonwealth of Puerto Rico) NOTES TO BASIC FINANCIAL ST ATEMENTS


Deferral of Accounting Pronouncement - The Authority is required to adopt the provisions of Govemmental Accounting Standard Board (GASB) Statement No. 68, Accountingand Financia/ Reportingfor Pensions-an amendment o/GASB 27 and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date, an amendment of GASB Statement No. 68 (GASB No. 71). These statements replaced the requirements of Statement No. 27, Accountingfor Pensions by State and Local Governmental Employers, as well as the requirements of GASB No. 50, Pension Disclosures, as they related to pensions that are provided through pension plans administered as trusts or equivalent arrangements that meet certain criteria as is the case ofthe Employees' Retirement System of the Government ofthe Commonwealth (ERS). Under Statement No. 68, the Commonwealth's agencies, as well as the component units and municipalities are considered "cost-sharing" employers of the ERS, therefore, the Authority would report its allocated share of the Commonwealth's resulting net pension liability, net pension expense and related and applicable deferred outflow/inflow of resources based on (1) the Authority's individual proportion to the collective net pension liability, expense and deferred outflow/inflow of resources of ali the governments participating; and (2) the proportion shou ld be consistent with the method used to assess contributions (percentage of payroll). With respect to Statement No. 71, it amended paragraph 137 of Statement No. 68 to require that, at transition, a government recognize a beginning deferred outflow of resources for its pension contributions, if any, made subsequent to the measurement date ofthe ERS' beginning net pension liability.

The ERS <lid not provide the Authority the information needed to adopt Statement No. 68 and No. 71. Accordingly, these financia! statements do not include any adjustments, disclosures or required supplementary information established by these statements.

3. CUSTODIAL CREDIT RISK

Custodia! credit risk for deposits is the risk that, in the event of the failure of a depository financia( institution, the Authority will not be able to recover its deposits. The Authority policies do not contain legal or policy requirements that would limit the exposure to custodia) credit risk for deposits. As of December 3 1, 2015, approximately $9.5 million of the Authority deposits within the Bank were held in uninsured and uncollateralized accounts.

The Bank faces significant risk and uncertainties and it currently <loes not have sufficient liquid financia( resources to meet obligations as they become due, as further described below and in Note 6. Pursuant to recently enacted executive orders. the Govemor of Puerto Rico have ordered the suspensions of loans disbursement by the Bank, imposed restrictions on the withdrawal and transfers of deposits from the Bank and imposed a moratorium on the Bank debt obligations, among other provisions.

As a result of reduction in liquidity experienced subsequent to June 30, 2014, the Bank took a number of liquidity enhancing and conservation measures and consummated the sale of assets and other alternatives to address its liquidity needs. In lights of the Bank's

18


(A Component Unit ofthe Commonwealth of Puerto Rico) NOTES TO BASIC FINANCIAL ST ATEMENTS


significant debt service obligations during fiscal year 2016, these measures, however are not expected to be sufficient to maintain the Bank's operations in the ordinary course absent the completion of a capital market transaction, a restructuring of Bank's debt and the timely payment ofthe Commonwealth debt service appropriation. ·

Accordingly, the Bank was not in a position to pay the principal on its debts obligations due on May 1, 2016 and continue operations in the ordinary course.

As more fully described in note 7, On April 8, 2016, the Governor signed Executive Order No. 2016-01 O ("EO No. 2016-01 O"), declaring the Bank to be in a state of emergency pursuant to Act 21 of April 6, 2016. In accordance with the emergency powers provided for in Act 21, EO No. 2016-010 implemented a regulatory framework governing the Bank operations and liquidity, including prohibiting loan disbursements by the Bank and establishing a procedure with respect to govemmental withdrawals, payments, and transfer requests with respect to funds held on deposit at the Bank To that effect, EO No. 2016-01 O restricts the withdrawal, payment and transfer of funds held on deposit at the Bank to those reasonable and necessary to ensure the provision of essential services and authorizes the Bank to establish weekly limits on the aggregate amount of such disbursements. Moreover, EO No. 2016-01 O prohibits the Bank depositors from printing or writing checks creditable against their accounts at the Bank, unless they obtain a temporary waiver from the Bank. As the Bank serves as the depositary of ali of the Authority's funds, the Authority's cash and time deposits, pursuant EO No. 2016-1 O, will be subject to strict restrictions and limitations, as described herein.

As further explained in note 1, the Authority was created to issue revenue bonds and to lend the proceeds thereof to finance certain acquisition and construction projects. However, the Authority's operations have been practically inactive and its available cash deposited at the Bank maintained idle for the past tive years dueto the nature of its operations and liquidity problems of the Commonwealth and the Bank Given the inactivity of the Authority's operations and its available idle cash deposited at the Bank, combined with the provisions of Act 21 and EO No. 2016-1 O described on the preceding paragraph and the uncertainty surrounding the Bank liquidity position, it is probable that the Authority would not be able to recover the funds deposited at the Bank. Therefore, an impairment of $9.5 million was recognized in the Authority's financia! statements as of June 30, 201 5.

Refer to note 7 for a description of subsequent events impacting the Authority's ability to utilize these funds.

4. SERVICE AGREEMENT

The Authority has an agreement with the Bank whereby the Bank provides managerial, administrative and financia! services to the Authority. Pursuant to this agreement, the Authority was not charged by the Bank during the fiscal year 2015.

19

-




S. PLACEMENT FEES

The Authority generally charges a placement fee of one percent (1%) ofthe face value of bond issued or as deemed appropriate for the specific issue, except for bonds issued to finance educational, medica 1, or environmental control facilities or other projects otherwise eligible to be placed in the U.S. tax-exempt bond market, for which the placement fee charged is one half percentage (0.50%). During the year ended June 30, 2015, no bonds were issued and, therefore, no placement fees were recorded.

6. REVENUE BONOS

The revenue bonds are special and limited obligations of the Authority and, except to the extent payable from bond proceeds and investments thereof, will be payable solely from and secured by a pledge and assignment of the amounts paya ble under the loan agreements between the Authority and the borrowers. Furthermore, payment of principal and interest on the revenue bonds is unconditionally guaranteed by the borrowers, their parent companies, or letters of credit generally issued by major U.S. banks or U.S. branches of international banks.

The revenue bonds are considered conduit debt and do not constitute a debt ora pledge of the good faith and credit of the Authority or the Commonwealth or any political subdivision thereof.

In connection with the issuance of revenue bonds, the Authority enters into trust agreements, whereby the Authority assigns and pledges to the trustees, for the benefit of the holders of the revenue bonds; ( 1) ali amounts receivable by the Authority in repayment of the amounts due under the loan agreements; (2) any rights, title, and interest of the Authority in the proceeds derived from the issuance of the revenue bonds and of any securities in which moneys in any fund or account created by the trust agreements or loan agreements are invested and the proceeds derived there from; and (3) the Authority's rights, title, and interest in and to the loan agreements, subject to the Authority's retention of certain rights, including the right to collect moneys payable to the Authority, which are not received with respect to repayment of the loan s.

At June 30, 2015, the Authority has issued reve nue bonds in an aggregate amount of approximately $1,099 mi Ilion, of which approximately $922 mili ion are outstanding.

20

-

7.

-

u




Outstanding revenue bonds as of June 30, 2015, are as follows:

Revenue Bonds Original Amount

Commercial / Industria l $ 424,834, 745 Educational 368,060,000

Medical 195,295,000 Tourist 110,725,000

$ 1,098,9 14, 745

SUBSEQUENT EVENTS

Outstanding Amount

$ 374,319,2 14 295,265,000 158,495,000 93,800,000

$ 921,879,214

On April 6, 2016, the Commonwealth of Puerto Rico ("Commonwealth") approved Act 21 "Puerto Rico Emergency Moratorium and Financia] Rehabilitation" ("the Act"). The Act has four primary objectives:

• Authorizes the Govemor to declare a moratorium on debt service payments for a temporary period for the Commonwealth, the Bank, the Economic Development Bank for Puerto Rico ("EDB"), or any of the remaining govemment instrumentalities of Puerto Rico, stay creditor remedies that may result from the moratorium.

• Amends the Bank's Enabling Act. Amendment consists of an updated receivership provisions, bridge Bank provisions and related procedures that are intended to provide an alternative to the Bank 's liquidation and resolution under existing law.

• Amends the enabling Act of the EDB and replace the outdated receivership provisions by modifying the process for the appointment of a receiver, clarifying the receiver's powers, and establishing priority of expenses and unsecured claims in a receivership.

• Creates the Fiscal Agency and Financia! Authority (F AF A) and it will be structured as an independent public corporation and public instrumentality of the Commonwealth with a board of directors composed of one appoi nted by the Govemor. The F AF A is created for the purpose of acting as fiscal agent, financia! advisor and reporting agent of the Commonwealth and its publ ic corporations, instrumentalities, comm1 ss1ons, authorities, mun icipalities and political subdivisions and to assist such entities in confronting the grave fiscal and economic emergency that the Commonwealth is currently experiencing. The F AF A will also oversee ali matters related to the restructuring or adjustment of any covered obligation, or otherwise coordinate and implement liability management transactions for any covered obligation.

21

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, ANO ENVIRONMENT AL CONTROL FACILITIES FINANCING AUTHORITY

(A Compooeot Uoit ofthe Commoowealth of Puerto Rico) NOTES TO BASIC FINANCIAL STATEMENTS

AS OF ANO FOR THE YEAR ENDED JUNE 30, 2015

The provisions of the Act authorize the Governor to declare moratoriums go into effect immediately upon its enactment, and they generally expire on January 31, 2017. The moratorium provisions classify various Puerto Rico entities including the Commonwealth itself into the following two categories because the Act treats the creditors thereof slightly differently: the Bank, EDB and govemment entities which include the Commonwealth itself and the remaining government entities and public corporations with significant indebtedness.

On April 8, 20 16, the Governor signed executive order 2016-01 O, which declares an economic emergency in the Bank. Also creates the Disbursement Committee which is composed by one employee of the Treasury Department, Office of Management and Budget, and the Bank. In addition, this order instructs the Bank to work only disbursements related to essential services of the Commonwealth.

On June 30, 2016, the U .S. President signed the Puerto Rico Oversight, Management, and Economic Stability Act (" PROMESA"), which grants the Commonwealth and its component units access to an orderly mechanisrn to restructure their debts in exchange for significant federal oversight over the Commonwealth's finances. In broad strokes, PROMESA seeks to provide Puerto Rico with fiscal and economic discipline through the creation of a control board, relief from creditors and lawsuits through the enactment of a ternporary stay on litigation, and two altemative methods to adjust unsustainable debt.

On June 30, 2016, the Governor signed an Executive Order, E0-2016-030 ("E030"), declaring the Commonwealth to be in state of emergency and declaring a moratorium on the Commonwealth' s obligation to make payments on bonds, and notes issued or guaranteed by the Commonwealth. EO 30 suspends any obligation of the Office of Management and Budget of the Commonwealth to include an appropriation in the proposed budget submitted to the Legislative Assembly for the payments of bonds issued by the Public Finance Corporation.

Subsequent events were evaluated through October 2, 2016, the date the financia) statements were available to be issued, to determine if any such events should either be recognized or disclosed in the 20 15 financia! statements.

22

-11. Informe Sobre el Status de los Financiamientos

y las Actividades desde la Creación de AFICA

-

-

--,

11. A

Emisiones de Bonos desde su Creación y Balances en Circulación

1

2

3

4

5

6

7

8

9

10

11

2

3

4

5

6

7

8

9

o 1

2 2

3

4

2 5

6

27

28

29

30

31

32

33

34

35

36

37

38

39

ISSUE

DATE

05/01/78

06/0"l /78

08/01 /78

07 /01/79

07 / 01 / 79

11 / 01 /79

02/ 01 /80

06/ 01/ 80

06/0J/80

07 / 01 /80

09/ 15/80

09/30/80

10/22/80

03/01 /8 1

04 / 01 /81

05/01/81

05/01/81

06/ 01 /81

06/10/81

07/0"1/8 1

08/ 01 /81

09/ 0-1 /81

09/01 /8"1

09/ 01 /81

09/01/8 1

·1010·1¡ 81

rl / O"l /8 1

1"1/23/ 81

"12/01/81

03/01 /82

03/01/82

03/ 01 /82

04 / 0"1 /82

04 / 0"J/82

04/ 0"1/82

06/01 /82

07 / O"J/ 82

OS/O"J/ 82

"J0/ 01/82

CLOSING DATE

&LOCATION

06/15/78 N.Y.

06/12/78 N.Y.

08/29/78 P.R.

08/01 / 79 P.R.

08/10/79 N.Y.

J"J/ 27/ 79 N.Y.

03/ 05/80 N.Y.

06/30/80 N.Y.

08/ 27/80 N.Y.

09/25/80 N.Y.

09/30/80 N.Y.

"J0/ 22/80 N.Y.

03/24/81 . Y.

04/23/81 N.Y.

05/19/81 N.Y.

06/30/81 N.Y.

06/10/81 P.R.

07/ 01 /81 N.Y.

08/3"1/81 N.Y.

N.Y.

09/04/81 N.Y.

09/22/81 N.Y.

"J0/07 / 81 N.Y.

10/22/81 N.Y.

"12/ 09/ 8"1 N.Y.

rJ /23/81 N.Y.

12/17 /81 N.Y.

03/18/82 N.Y.

03/23/82 N.Y.

04¡-15/82 N.Y.

04 / 21 /82 N.Y.

04 / 2"1/82 N.Y.

04/27 /82 N.Y.

06/ 15/82 N.Y.

07 / 07 /82 N.Y.

08/17/82 N.Y.

10¡-14/82 N.Y.

PROJECT NAME

PPC Indus lri es, Inc. Project

Union C.1rbide Corporntion Projec t

Ba rceloneta Secondary Sewage Treatmt.

Abbol Chemicals, lnc.

Renasa lnc.-Sq uibb Corporation

lsomed ix, Puerto Rico, lnc.

Union Ca rbicle Corporntion

St.Luke's I-Iospilal

H.J. He inz Compa ny

Ra ls lon Purina Company

A ireo C.1ri be, Inc.

Av icon, lnc

BaG1rdi Corporalion

Pfizer, lnc .

Searle & Company

(FHA lns. Mor!.) Tu rabo Medica! Center

Peps iCo, Inc

H.J. I-le inz, Compa ny

Roche P rod ucts, lnc.

C.R. Ba rd, Inc.

Schering - Plo ug h Corpora l ion

Mi lel CorporaLion

Rexnord, Inc.

Reynolcl Metals Comp,, ny

American Cyil namid Corporntion

Abbotl Ldbor,,tories

Union C.1rbicle Corpor,1 lio n

A.M. Robbins Compa ny, Jnc.

Baca rcli Corpora tio n

In te l Corpor,1tion

Merk & Co., lnc.

Gener,t l Electric Co.

H.J. 1-ie inz, Compa ny Tun,1 Vessel

J-1 .J. He inz, Company Tu níl Vessel

Union Ca rl.Jidc Corporalion

Ste rling Drug Tnc.

Schering - Plo ug h Corporalion

Genera l Foocls Corpor,tlio n

lvle rck & Co., lnc.

GOVERNMENT DEVELOPMEN BANK FOR PUERTO RICO

AFICA OUTSTANDING BOND ISSUES

As of June 30, 2015

ORIGINAL PRINCIPAL DUE

AMOUNT OUTSTANDING DATE TRUSTEE

$ 2,725,000 05/01/98 Popular

8,500,000 06/01/ 08 Popular

23,500,000 08/01/98 Cha se

20,000,000 07 / 01/09 Cha se

30,000,000 07 / 01 /04 Chase

2,050,000 11/15/90 North Carolinil Na ll Bank

7,000,000 02/01/05 Popu lar

12,750,000 06/01/10 Popular

5,640,000 06/01/95 Mellen Ba nk

19,900,000 07 / 01 /95 First Tennessee

20,000,000 09/01/83 Ch ase

6,000,000 09/30/85 Wachovia

3,195,772 10/22/ 98 Popular

22,000,000 03/01/01 Ch ase

4,200,000 04/01/84 Cha se

29,860,000 05/01/86 Popular

16,000,000 05/01/84 Ch ase

5,000,000 06/ 01 /84 Mellon Ba nk

20,000,000 "J0/10/01 C h ase

3,100,000 07 / 01/01 Summit & Elizabelh Trust

40,000,000 08/01/11 Ch ase

7,500,000 09/01/91 Pop ular

5,000,000 09/ 01/06 M & l Marshall & Lsley Bank

40,000,000 09/ 01 / 86 Citibank

11,000,000 11 / 01 /86 Popular

14,000,000 10/ 01/84 Popular

18,500,000 12/15/86 Popular

15,200,000 11/01/91 Central Fidelily Bank

17,000,000 12/01/84 Popular

40,000,000 03/01/87 Deu tsche (Bankers Trus t)

40,000,000 03/ 01 /92 Popula r

30,000,000 03/01/89 Chase

66,000,000 04/01/92 Mellen Bank

34,000,000 04/ 01 /92 Mellan Bank

21,500,000 04/01 /87 Popu lar

27,200,000 06/01/92 Popular

20,000,000 07 /01/92 Ch ase

7,000,000 08/01/92 C h ase

20,500,000 10/ 01 /92 Popular

INVESTMENT BOND

BANKER COUNSEL TYPE

First Boston Pollulion

BlyU1 Easbnan Pollu tion

OJyth Eastman Pollution

A.C. Becker Borge& Pilt Jnclustri,,I

A.C. Becker Borge & Pitt Industrial

Direct Placement Industria l

Blyth Eastman Pollution

Bly th Eastma n Medicil l Fcte.

Di llon, Read & Co. Urown&Wood Indus trial

Goldma n, Sachs Ind ustria l

Priva te Placement Industrial

Direct Placement Industria l

Goldman, Sachs lnclustrial

Lazard Freres Indus trial

Goldm an, Sachs lndus lrial

Kidder, Peabody Med ica ! Fac.

Sa loman Brothers Ind ustri al

Dillon Read & Co. Ind ustria l

Priva te Placeme nt Industria l

Direct Placement Brown& Wood Ind ustria l

A.C. Becker Brown&Wood Industria l

Sa lo ma n Brolhers Inclus tri r1, I

Essex Com pan y lnclus triill

Coldman, Sachs Indus trial

Sa lomon Brothers Industr ial

A.C. Becker Industr ial

Blyth Eastma n Industrial

Direct Placemen t lndus tTial

Goldma n Sachs Brown & Woocl Pollution

A.C. Becker Brown & Wood Indus trial

Goldman Sachs Brown & Woocl Industrial

Sa loman Brothers Brown & Woocl Industrial

Oirect Placemenl Brown & Wood lnclus lTial

Di llon, Read & Co. Brown & Wood Inclustrictl

Saloman Brothers Industrial

Salo man Brothers Indus tria l

A.C. Becker Brown & Wood J.nd ustri a l

Sa lomo n Brothers Brown & Wood I.ncluslTial

A.C. Becker Brown & Wood Ind ust ri al

o 1

2

13

4

5

6

7

8

9

o 1

2

3

54

5 5

6

7

8

9

o ·1

2

3

4

5

6

1

67

68

69

70

7

72

73

74

75

76

77

78

JSSUE

DATE

10/ 15/82

l"l / ffl /82

03/01 /83

03/01/83

03/15/83

03/30/83

04/01 /83

04/01/83

04/01/83

04 / 01 /83

04/06/83

04/ 14/83

05/01/83

05/0º1/83

05/01/83

05/18/83

06/29/83

07 / 01 /83

07 /Oºl/83

08/01/83

08/01/83

08/ 01 /83

08/ 01 /83

09/01/83

11 / 0] /83

1"1 / 15/83

"12/ 01 /83

12/01/83

12/0º1/ 83

12/0] /83

12/ 01 /83

12;0·1;83

º12/ 01 /83

12/0-1/83

"12/01/83

12/0º1/83

12/0º1/83

12/15/83

12/19/83

CLOSINC DATE

& LOCATION

11 ( 17/82 N.Y.

1º1/ 10/82 N.Y.

03/17/83 N.Y.

04/06/83 N.Y.

04/20/83 N.Y.

03/30/83 N.Y.

04/26/83 N.Y.

04/14/83 N.Y.

04 / 14/83 .Y.

05/18/83 N.Y.

04/06/83 N.Y.

04/14/83 N.Y.

05/24/83 N.Y.

06/ 06/83 N.Y.

05/25/83 N.Y.

05/18/83 P.R.

06/ 29/83 N.Y.

07 / 27 / 83 N.Y.

·10¡-14/83 N.Y.

08/1 1/83 N.Y.

08/11 /83 N.Y.

09/B/83 N.Y.

09/20/83 N.Y.

09/27 /83 N.Y.

"1"1 ( 17/83 N.Y.

12/07 /83 N.Y.

12/30/83 N.Y.

12/28/83 N.Y.

12/29/83 N.Y.

N.Y.

12/28/83 N.Y.

12/22/83 N.Y.

12/22/83 N.Y.

12/29/83 N.Y.

12/22/83 N.Y.

07 / 16/84 N.Y.

12/19/83 N.Y.

PROJECT NAME

Prime Computer, lnc.

Wang Labora lo ri es

A bbo tl Labor,1 lorics

Becton, Dickinson a nd Company

Un ion Ca rbide Corporation

Sun Refining ,rnd Mil rketing Company

Ins tituto Medico del Norte (FmHA)

CD-Ins tituto Medico del Nor te

CD-Ins tituto Medico del Norte

Richarson - Vicks lnc.

Tropic Sun Shippi ng C., lnc. - Sun Co.

Ponce Fed. Savings & Loa n Assoc. of P.R.

American Cy,rna mid Compa ny

Hospi tal A uxilio Mutuo

Rt1 lson Purina Company

Roche Prod ucts

Th. Goldschmiclt AG

BOC, lnc. (A ireo)

Baxter Travenol Laborn tories

CenlTO Med ico Psiquiatrico del Caribe

Centro Med ico Psic¡uit1trico de l Ca ri be

Eli Lilly ancl Comp,rny

Rey nolds Met,, ls Compa ny

l.n tel Corporation

Hospi tal Sa n Pi1blo

PepsiCo, lnc.

Un ited Technologies Corpora hon

Wang L1born to ries

1-1.J. 1-leinz Company

Bacardi Corpera tion

The Upjohn Comp,,ny

w ,,rncr - L.unbert

Me rck & Ce., lnc.

Motorolil, lnc.

Squ ibb Corpor,,tion

Sle rl ing Dru g, lnc.

Kcy Plrnrmaceutic;lis Inc.

Centro Medico de l T ur,1bo

Amíesce Indus tries, Jnc.



As of June 30, 2015


AMOUNT OUTSTANDINC DATE TRUSTEE

10,000,000 10/ 15/92 Popular

20,000,000 11/ ffl /92 The First Nall BK of Bos ton

54,000,000 03/01 / 23 Ba nk of NY

8,000,000 03/01/ 13 Citase

16,000,000 03/15/ 13 Popular

3,300,000 03/ 01 / 93 Philadelphia Nall Bank

11,655,000 04 / 01 / 03 Popular

1,220,000 04 / 01 / 03 Popula r

14,775,000 04 / 01/86 Popular

5,250,000 04 / 01 /93 Ch ase

7,700,000 03/01 /93 Philadelphia Na tl Ba nk

10,000,000 04 / 01 /90 Popular

18,000,000 05/01(13 Pop ular

3,175,000 05/01 / 08 Popular

5,000,000 01 / 01 /24 Mellon Bank

6,000,000 06/ 01 /88 Ch ase

5,000,000 09/ 01/98 Morgan

30,000,000 07 / 01 /93 Chase

42,500,000 09/ 01 / 12 Chase

12,950,000 08/ 01 /25 Popular

13,625,000 08/ 01 /87 Popula r

20,000,000 08/ 01/13 Chase

41,285,000 09/ 01 / 13 Citibank

80,000,000 09/ 01 / 13 Deulsche (Bankers Trust)

21,020,000 08/ 01/23 Popu lar

32,500,000 11 / 15/13 Chase

4,300,000 12/ 01 /93 Popular

25,800,000 12/ 01 /93 The Firs t Na U BK of Boston

9,000,000 12/ 01 / 93 Mellen Bank

15,200,000 12/ 01 / 13 Citi bank

40,000,000 12/ 01 /23 Chase

24,000,000 05/01/ 14 Mell e n Bil nk

20,000,000 12/ 01 / 18 Pop ular

20,000,000 01/ 0 1/ 14 Clrnse

25,000,000 12/ 01 /23 Clrnse

15,750,000 12/ 01/23 Popular

40,000,000 12/01/B SouU1east Bk

53,975,000 01 / 15/25 Popular

7,000,000 01 / 01 /96 Chemica l

INVESTMENT BOND -BANKER COUNSEL TYPE

Smith Barney Indus lria l

E.F. Hutton & Co. Brown &Woocl indus trial

Saloman Brothers Brown&Wood Industr i,tl

Bly th Eastman Brown & Wood lndustri,11

Bly th Eastma n Brown & \tVood Pollution

A.G. Becker lnduslria l

A.G. Becker Brow n & Wood Med ica! Fac

A.G. Becke r Brown & Wood Med ical Fac

A.G. Becker Medica l Fac

Saloman Brothers Indus tria l

First Bos lon Indus tria l

Sherson/ AmeriG1n Ex Brown&Wood Medica ! f,,c

Merri ll Ly nch & Co. lndustri ;1I

Merri ll Lynch & Co. Brown & Wood Medica l Fac

Goldman Sachs Industria l

Pri vate Place ment Jndustri ;d

Direct Ph1 cement lndustri,t l

A.G. Becker Indus trial

Goldman St1chs Brown &Wood Industria l

Sherson/ America n Ex Brown &Wood Medic,11 Fac

Shersen/ America n Ex Brown & Wood Medica l f ,K

Salomon Brothers Brown & Wood Industrial

Goldman St1chs Brown& Wood lndus trict l

L.F. Rofüschi ld, Brown &Wood Industria l

Merrill Lynch & Co. Orown & Wood Medica! Fac

Saloman Brolhers Brown & Wood Indus trial


Di rect Placeme nt Brow n &Woed Indus tri,1 1

Dillon, Read & Co. Brow n & Woed Indus tria l

Goldman Sachs Brown & Wood Pollution

Sa lome n Brothers Brown & \,Vood Indus trial

Goldman Sachs Brown &Wood Indus trial

Goldnrnn Sachs Brown & Wood lnclustri,1 1

Goldm an S,1chs Brown &Wood lndustri,tl

Saloma n Brolhers Brown &Weod Indus tria l

Direct Placement lndustriil l

Margan Stanley Brow n & Weod lndus lTi ,11

Becker Pa rib.1s P.R. Medica ! Fac

Oirect Placeme nt Industrial

9

o 1

2

'3 8

84

5

6

7

8

9

o 'J

2

9

9

9

9

3

4

5

9 6

7

8 9

99

100

101

102

·103

104

105

·106

107

l08

109

no

11'1

JSSUE

DATE

12/21 /83

12/23/83

12/ 23/83

12/ 29/83

'12/30/83

03/01/84

05/ 18/84

09/01/84

'12/01/84

'12/01/84

12/21/84

0'1/'15/85

03/26/85

10/ 01 /85

1"1 / 01 /85

rl /'15/85

12/ 01/85

12/ 01 /85

12/01/85

'12/05/85

12/30/85

05/02/86

05/07 / 86

05/16/86

06/ 01 /86

06/ 01 /86

10/ 01 /86

05/14/ 87

06/ 19/87

08/ 01/87

08/14/87

·10/ 0'J /87

'11 / 16/87

CLOSINC DATE

&LOCATION

12/ 21 /83 N.Y.

12/23/83 N.Y.

12/23/83 N.Y.

12/29/83 N.Y.

12/30/83 N.Y.

03/01/84 P.R.

05/'18/94 N.Y.

09/24/84 P.R.

12/ 0-1/84 P.R.

12/01/84

02/'14/85 N.Y.

03/ 26/85 N.Y.

'10/ 29/ 85 N.Y.

ll /29/85 N.Y.

12¡3·1;85 N.Y.

N.Y.

N.Y.

N.Y.

N.Y.

12/23/85 N.Y.

12/ 17 /85 P.R.

'12/30/85 N.Y.

12/3 1/85 N.Y.

12/30/85 N .Y.

05/02/86 P.R.

05/07 /86 P.R.

05/16/86 P.R.

06/16/86 P.R.

06/18/86 P.R.

10/ 02/86 P.R.

05/14/87 P.R.

06/ 19/87 P.R.

09/ 01/87 P.R.

08/14/87 P.R.

l0/08/87 P.R.

H / 16/87 N.Y.

PROJECT NAME

lntel Corpomtion

Johnson & Johnson

Amcrk,m llomc l'roducls Corp.

D<1rby Drug Company

P,111 Corponlt"ion

Johnson & Johnson, Incorporated

A meri ca n Cynnamid Compa ny

HMCA (P.R.), lnc.

C.R. Bard, Jnc.

The Me nnen Comp,rny

M/ A - Com, Inc.

Doclor Pi la J-lospilal

The West Compa ny, !ne

Pueblo lnlenMtionctl, Inc. - Series A

Pueblo lnle rnational, lnc. - Series B

Puerto Rico Aqueduc t & Sewer Authority

Cu.1y,tma Project

Humacao Project

F,\jardo Project

Slud ge Disposa l Project

A merican Air li nes, Inc.

CiliPrope rlies P.R., lnc. Office Building

Power Convers ion, Inc.

Pueblo lnternat"ional , lnc. - Series C

Fundacion Educativa Ana G. Mendez

Firs t SBS - CA Associates

Seguros ele Servicios de Sa lud de P.R., lnc.

Damas Hospital

lnduslri.1 s Vasa llo lnc., Ponce Manuf.

Dorad o Beach Hotel Corporation

San Juan 1-lolcl

Ex,1b il , G. I.E.

The Normandie I-lo le l

ls land lnlern,ltional Le,1s ing, lnc.

Corp. Des. Econ. Carolina (CODESCA)

Southmark Sa n Juan(Sa nds Hotel & Casino)

Southmark S,1 11 Juan, Series A

Soulhmark San Juan, Series B

Cc1tholic Universily of Pue rlo Rico


AFICA OUTST ANDING BOND ISSUES

As of June 30, 2015


AMOUNT OUTSTANDINC DATE TRUSTEE

30,000,000 12/01/13 Deu tsche (Bankers Trus t)

40,000,000 01/01/14 US Bank Trust

40,000,000 40,000,000 12/01/18 The Bank of NY

5,000,000 01/01/96 Chemica l (Manufacturers)

9,000,000 12/01/93 Morgan

10,632,000 01/01/14 US Bank Trust

20,000,000 05/01/ 15 Popu lar

11,500,000 08/ 01/94 Popular

3,500,000 12/ 01 /04 Chas e

9,250,000 12/01/14 Chase

9,000,000 12/01/94 Chemica l

19,460,000 08/01/25 Popu lar

5,000,000 01/01/05 Chas e

5,000,000 10/01/00 Popular

5,000,000 11/01 / 00 Popu lar

176,000,000 11 /15/18 Chemical

36,160,000 12/01/25 US Bank

26,000,000 12/01/00 Popu lar

3,500,000 12/ 01 /95 Chase

7,500,000 12/01/97 Popular

23,100,000 12/01/15 U.S. Trus t

13,000,000 05/ 01 / 06 Popu lar

15,470,000 05/15/01 Popular

15,670,000 05/ 01 /96 Popular

6,500,000 06/01/01 Popular

74,000,000 06/ 01/96 Popular

30,500,000 10/15/96 Popular

14,665,000 02/15/00 Popular

8,500,000 07 / 01 / 07 Popular

23,000,000 02/01/99 Popu lar

20,750,000 02/ 01 / 09 Popu lar

38,000,000 10/01/07 Santande r

15,265,000 12/ 01 / 07 Popu la r

INVESTMENT BOND

BANKER COUNSEL TYPE

D irect Placement Brown&Wood lnd ustri ,11

Direc t Placement Industria l

Merrill Lynch & Co. Brown & Wood Indus trial

D irec t Placement Industrial

Margan lnduslria l

Direct Placement Industri,11

Direct Placement Indus trial

Prudential - Bache Medica! Fac

Direct Placeme nt Ind ustrial

Direct Placemenl Industrial

Oi rect Placement lnduslrial

Merrill Lynch & Co Medica! Fac

Di rect Placement Brow n &Wood Industria l

Chase Ma nhattan Brown& Woocl Commercial

Chase Manhattan Brown&Wood Commercial

Drexel Burnham Brown & Wood Pollution

First Boston Brow n &Wood Com mercial

Merrill Lynch & Co Commercial

Chílse Manhattan lnd usb· ial

Cliase Brown & Wood Commercial

E.F. Hutton & Co. A lexander - Green Highe r Ecluc.

Popular Pietrantoni Commercial

Merrill Lynch & Co Comrnercia l

E.F. Hullon & Ca. Medica! Fac

Chase Man ha Han Trias Doval Industria l

Merrill Lynch & Co Brown & Wood Tourism

Merrill Lynch & Co Sweet-ing González Tourism

Paine Webber Transport-ation

Prude ntial - Bache Marti nez Odell Tourism

Merrill Lynch & Co Swecting Gonz,~ lez Com mercia l

Prudential - Bache McConnell V,,ldés Med ica l Fac

Drexel Burnham Ma rtinez Oclell Tourism

First Boston Mudge Rose Higher Educ.

2

3

4

5

6

7

8

9

o 1

2

,1

n ·11

n ]1

12

"12

12

123

"12

6

7

8

125

12

12

12

129

130

131

132

133

"134

135

136

137

"138

139

140

14"1

142

·143

lSSUE

DATE

"12/07 /87

04/01/88

06/17 /88

08/15/88

10/ 13/88

10/15/86

"l"J/OI/88

1"1 /04/88

12/0"1/88

12(15/88

02/10/89

04/15/69

06/ 01/89

07 / 01 /89

08/07 /89

09/27 /89

01/0"1/90

02/01 /90

09/01/90

09/27/90

01/31/91

03/ 05/91

07 / 19/9"1

08/07 /9 1

09/0 1/9]

·10;0·1¡9-¡

"12/16/91

07 /01/92

11/01/92

"Jl /30/92

"12/01/92

04 / 0"t/93

CLOSING DATE

&LOCATION PROJECT NAME

12/07 /87 P.R. Ferrnsán Developi ng Corpora tfon

04/15/88 P.R. Orient,t l Federal Savine Bank

06/17/88 N.Y. In te r A merican Un ivcrsity of Puerto Rico

08/29/68 P. R. H.L Development

1988 Series A (H .I. Hotels Project)

1988 Series M (1-1.1. Mayagüez Hotel)

10/13/88 P.R. HPH Re,11 Es tale

10/28/68 P.R. Mayagüez Ma li

12/0"1/88 N.Y, Doctor Pi la Hospita l

11/ 04/88 P.R. AroChem lnterni-ltion,11

12/19/88 P.R. Sa n Juan Cement, Inc.

"12/23/88 P.R. 419 Po nce De León, lnc. (P laza Acuá tica)

02(10/89 P.R. Caribbean Airport Facilities

04/18/89 P.R. B & C Bottle rs Corporc1tio n

06/09/89 P.R. P laz.i G uayanrn Shoppi ng Cen ter

Series A Seria 1 Bonds

Series B Compound lnte res Bonds

07 / 13/89 P.R. AT&T- P.R. Fiber Oplic Cable

08/07/89 P.R. Tal.>er Partners 1 (Howard Johnson's)

09/27/89 P.R. ln lerlink Group, Inc. (Centro Europa)

Ot/25/90 P.R. Consolidated Mccl ica l Plaza (Caguas Medica ! Ma li )

02/15/90 P. R. TRU of P.R. (Toys "R" Us)

09/13/90 P.R. Synlcx (F.P.)

09/27/90 N.Y. Ven t- Alarm Corpora lion

01/31/91 P.R. El Co nqu istador Rcsort

03/05/91 P.R. Lutln In veshne nt S.E.

07 / 19/9"1 P.R. C ruz Azul d e Puerto Rico

08/07 ¡9·1 P.R. Pl.12c1 del Ca ril>e

09/24/91 P.R. Oc1111as Found,1 Lio n

0,1míls Foundation, Series A

Damas Fou ncl ation, Series B

Damas Foundation, Series C

10/01/91 N.Y. Ana G. Me ndez Educa lio1rn l Found a tio n

12/20/91 P.R. FJ Ven tu res, S.E.

07 /29/92 P.R. Plaza del Norlc (H.T. Venlu re, S.E.)

11/30/92 P.R. America n lnternalional Plaza

"l"J /30/92 P.R. Plaza del Oesle (TJAC San Germán S.E.)

"12(17/92 N.Y. St. Lukc's Hospit ,11 Projec t

04/27 /93 P.R. Plaz,1 Juana Dfaz Projec l



As of June 30, 2015



3,800,000 06/01/04 Popular

8, 100,000 04/ 01/ 08 Popula r

25,000,000 06/ 01/ 08 U.S. Trust

28,670,000 08/01 /03 Popu lar

8,500,000 10/ 01 / 01 Popula r

24,000,000 11/01/99 PopulM

24,395,000 08/ 01/28 Popu lar

17,000,000 11/01/96 Popu lar

26,000,000 01/01/04 Santande r

12,000,000 12/15/03 Com m. Trus t

13,000,000 01/01/99 Popular

13,200,000 04/15/05 Popular

12,930,000 06/ 01 / 11 Popular

55,300,000 07 / 01/99 Popular

27,650,000 08/01/09 Popular

18,700,000 10/01/11 Popu lar

3,600,000 07 / 01 / 06 San tander

20,000,000 11/01/05 Popula r

40,000,000 05/01 / 15 Popular

3,000,000 09/01/10 Popular

120,000,000 11/01/99 Popular

20,175,000 03/01 /11 Sa ntander

14,000,000 07 /18/06 San ta nder

58,423,933 09/ 01/16 Popular

17,004,492 11/01/06 Popular

14,100,000 07 / 01 / 03 U.S. Trus t

21,100,875 01/0"1/18 Popu la r

64,400,000 08/ 01 / 18 Popular

44,640,000 12/01/22 Popu la r

15,580,000 12/01/18 Sa ntander

10,270,000 06/01/ 10 Popula r

·17,000,000 04/ 01/18 Sa ntander

INVESTMENT BOND

BANKER COUNSEL TYPE

Popula r Sweeting Gon:z..-'1. lez Commercial

Drexel Burnham Commercial

Shea rson Lehman 1-l igher Educ.

Dean Wi tte r Tourism

Drexel Burnlrnm Commercia l

Ch ase Commercial

Merri ll Lynch & Co Med ica! Fac

Prudentia l - Bache Industrial

Paine Webber McConnell Va ldés Indus trial

Drexel Burnham McConnell Va ldés Comme rcial

Prudential - Bache Sweeting Gonzt1lez Commercia l

Oticorp, Citibank Sweeti ng Gonz..\ lez indus tr ial

Pa ine Webber Com me rcia l

C hase Securities Service

First Bosto n McConnell Valdés Tourism

Priva le Place me nt Fidd ler Com me rcial

P riva le P lacemc nt Centra l Sweeh ng Gonzfl lez Medica l Fac

Priva le P laceme nt C iticorp McConnel Va ld és Com me rcia l

P riva le Plé!cem e nt Ci ticorp McConnel Va ldés Indus tria l

Meduña &Co Brown & Wood indus tria l

C hase Securities Fiddler Tourism

Leh man Brothers Fidd ter Commercial

Priva te Placeme nt Fiddler Med irn l Fac

Lehman Brothers Fiddler Com me rcial

Lehman Brothers McConnel Valdés Medica ! Fac

Lehnrn n Brothers Mudge Rose 1-ligher Educ

Pai ne Webber McConnel Valdés Commerci.l l

Paine Webber McConne l Valdés Commercia l

Pai ne Webber Fiddler Comme rcial

Pai ne Webber Fidd ler Com mercia l

Firs t Boston Brown &Wood Med ica l Fac

Paine Webl>er Martfnez O cle ll Com me rcia l

14 4

14 5

16 1,

14 7

8

9

o 1

·14

14

15

15

15 2

3

4

5

6

7

15

15

15

15

15

15

15

16

'16

16

16

16

16

16

16

16

16

17

17"

8

9

o 1

2

3

4

5

6

7

8

9

o 1

172

173

174

175

176

177

178

179

180

181

182

ISSUE

DATE

08/01/ 93

09/ 01/ 93

12/ 01/ 93

12/ 0 1/93

12/0'l / 93

12/0'1/93

04/13/9•1

05/ 13/9•1

05/ 15/ 94

08/ 0'1 / 94

0'1/ 15/ 95

02/0'1/95

05/ 15/95

08/15/ 95

12/ 01 / 95

12/ 19/ 95

12/ 21/ 95

01 / 15/ 96

02/15/96

04 / 01/96

08/01/ 96

08/ 01 / 96

04/ 0'1/97

1'1 / 15/ 97

l"l / 15/ 97

03/0'1 /98

04/14/98

05/28/ 98

06/ 01/ 98

07 / 09/ 98

10/ 01 / 98

11 /20/98

'12/15/98

03/ 0'J / 99

03/ 3"1/ 99

04 / 14/ 99

07 / 01 / 99

06/15/99

09/23/ 99

CLOSING DATE

&LOCATlON PROJECT NAME

09/ 02/ 93 N.Y. Ca lholic Uni versily of P. R.

09/ 21/ 93 P.R. Sa n Juan Marriot (Condado Hotel)

12/ 14/ 93 P.R. Pl,1 z.1 Isabela Development, S.E.

12/ 14/93 P.R. Pl,1 z.1 G uam,1nf Projec t (GY Ven tu res)

12/2"1/93 N.Y. Poly lechnic Universil)' of P.R.

·12¡2·1¡93 P. R. S,111 Pa tricio Plnz,1

04/ 13/94 P.R. Rfo ti.far Reso1t Project

05/'13/ 94 N.Y. lnter American University of P.R.

06/ 07 / 94 N.Y. Ryder Memorial I lospilal

N.Y. Polytechnic Univers i ty

02/ 16/95 N.Y. Hospital Auxilio Mutuo Obligated Group

02/23/95 P.R. Plaz" Pa lma Re;il

05/3"1/95 P.R. San Patricio Plaza (Plrnse Il)

09/ 14/ 95 P.R. Doctor Pi lil Hospi tal

12/ 28/ 95 N.Y. GuJynJbo Municipal Govemment Center

'12/19/ 95 P. R. The Ritz-Carl ton S.J. I-lo lel & Casino

12/ 21/95 N.Y. Ana G. Mcnd cz Univers ily Sys tem

01/25/96 P.R. J-l,1111plon Inn Hote l

02/29/96 P.R. Ho te l El C onvento

04 / 24/ 96 N.Y. Mennonite Genera l Hospital

08/ 15/ 96 N.Y. Teachcrs Relirement Sys tem Building

08/ 15/ 96 P.R. Teachers Retirement System Building

0•1/ 29/ 97 N.Y. 1-Iospi lal Auxilio Mutuo Obligated Group

'12/ 09/ 97 N.Y. Me nnonite Genera l Hospi ta l

11 / 25/97 P.R. Aslúor<l Prebysteridn Communily llosp PMki11g*

03/26/98 N.Y. lnle r A merican Univers ily of P.R.

04/14/98 P.R. Marlineau Bay Reso1t

05/ 28/98 P.R. R,1mallo Jnte rna lio rMI Center

06/ 04 / 98 P.R. Snntander Lo,111 P rogrn m - series A

07 / 09/ 98 N.Y. Ana G. Mendez Univcrsity System

'10/ 21/ 98 P.R. Gu,1yntlbo Warehouse for Emergencies

1'1/20/98 P. R. Río Mar Resort Projcc t

12/23/98 N.Y. Fondo del Seguro de l Estado (Ca rol ina)

03/24/ 99 P.R. Plaz.-i Las Amé ricas

03/3 1/ 99 1 .Y. Hum acao Judicia l Center

04 / 14/ 99 P.R. Em bassy Sui tes Dor,,do d el Mar

07 / 07/ 99 N.Y. A nr1 G. Mendez Uni vers ily Sys tem

07( 15/99 N.Y. S,111 Lucas and Cristo Redentor llospilals

09/ 23/99 P.R. C 1yo L1 rgo Inte r-Conlinentil l Beach Resorl


AFICA OUTST ANDING BOND ISSUES

As of June 30, 2015



10,750,000 12/01/ 07 Popular

87,500,000 12/01 / 14 Sa ntander

21,340,000 12/01/ 19 Popular

12,750,000 12/01 / 19 Popular

16,500,000 08/01 / 24 Popular

22,605,000 O'l / 01 / 17 Santander

115,847,988 09/0'1/ 14 Popu lar

29,000,000 04/ 01/14 U.S. Trust

15,000,000 7,745,000 05/ 01/ 24 Popular

4,500,000 08/ 01 /24 Popula r

63,855,000 07 / 01 / 24 Popular

43,450,000 07 / 01/20 Popul ar

18,040,000 07 / 01 / 20 Santander

26,665,000 08/01 /32 Popular

19,090,000 8,285,000 07 / 01 /22 Popula r

85,135,000 09/01/ 25 Popular

23,600,000 01 / 01 / 15 U.S. Trust

1'1 ,550,000 03/01 / 20 Popu lílr -

9,340,000 09/ 01 / 20 Popu lar

39,330,000 07 / 01/ 26 Santander

15,210,000 07 / 01 / 21 Popular

11,735,000 07 / 01/ 11 Popular

28,395,000 07 / 01 / 26 Popu lar

11 ,200,000 07 / 01 /27 Sa nrander

8,540,000 4,815,000 11 / 01 /20 Santander

87,025,000 10/ 01 / 22 S¡rntander

27,130,000 09/ 01 / 28 Popular

5] ,740,000 07 / 01 /23 Santa nde r

50,000,000 06/01/ 18 US Bank

26,700,000 10/ 01/21 US Ba nk

13,21 5,000 6,745,000 07 /01/24 Popular

146,584,370 12/20/ 28 Popular

26,225,000 12( 15/ 28 San tande r

200,003,601 07 / 01 /29 Po pula r

37,615,000 10/ 01/30 Popular

33,000,000 04 / 01 / 19 San ta nder

41 ,870,000 02/ 01 / 29 US Bank

30,455,000 19,005,000 06/ 01 / 29 Santander

75,330,000 12/20/29 Popu lar

INVESTMENT BOND

BANKER COUNSEL TYPE

First Boston Brown & Wood Higher Educ

Paine Webber McConnel Va ldés Tourism

Paine We bber Goldman Antone tti Commercia l

Pa ine Webber Goldman Antone lti Com merci,t l

Paine We bber Brown & Woocl Higher Educ

Pai ne We bber Fiddler Commercial

Lehman Brothers Pie tranloni Tourism

Lehman Brothers Brown & Wood Highcr Educ

Firs t Boston Brow n & Wood Med ical Fac

Paine Webber Brown & Wood Educíltio nal

Paine Webber Brown & Wood Med ica! Fac

Pa ine Webber Martlnez Odel I Com mercial

Pa i ne We bber McConnel Va ldés Commercial

Merrill Lynch & Co Brown & Wood Medicíl l File

Paine Webber Brown &Wood Others

BP Ca pital Marke ts Pietrantoni Tourism

Smi U1 Barney !.ne. Roger & We lls Educational

BP Capital Marke ts Martínez Odell Tourism

BP Ca pita l Marke ls Pietrnn toni Tourism

·Merrill Ly nch & Co Brown & Wood Med ica l Fac

Margan Sta nley Brown &Wood Indus tria l

BP Cap ital Marke ls Pietr,rntoni Industria l

Paine We bber Brown & Wood Mecl ica l Fac

Merr ill Ly nch & Co Brown & Wood Medical Fac

Paine Webber McConnel Va ldés Indus tria l

Merrill Lynch & Co Brown & Wood Educationa l

Popular Securities Go ldman Anlone tli Touris m

Popu lar Securilies O'Neill Borges Indus tri a l

San ta nde r Securilies Pie lranton i Commercial

Lehman BroU1ers Sq uire Sande rs Educa tio na l

Capital Markels Corp Brown &Wood O thers

Popu lar Securil'ies Pie trnntoni Tourism

Prudentia l Sccurities Brown & Woocl Indus tria l

Smith Barney lnc. O'Nei ll Borges Comme rcia l

Popul ,ir Securities Brown & Wood Ind us trial

Sanrande r Securities Pie trantoni Touri s m

Lehma n Brothe rs Sq uire Sa nders Educatio nal

Merrill Ly nch & Co Brown & Wood Meclical Fac

Popu lar Securities Martlnez Ode ll Touris m

3

4

5

6

7

·13

'18

'18

18

18

18

18

19

·19

19

·19

8

9

o 1

2

3

4 ·19

·19

19

19

5

6

7

8

o 1

2

3

4

19

·199

20

20

20

20

20

205

206

207

208

209

210

2'1'

212

1

213

2·14

2·15

216

217

2'18

2·19

220

221

lSSUE

DATE

10/ 28/99

·1110-1¡99

·i-1 ¡ 0·1¡99

1'1/ 10/99

03/2'1 / 00

03/09/00

06/01/00

06/15/00

08/10/ 00

09/28/00

09/28/00

10/26/00

11 ¡ 0·1;00

·10/26/00

rl /30/00

12/06/00

12/21/00

12/28/00

06/0'1/01

06/01 /01

06/28/0'1

08(15/01

08/20/ 01

09/27 / 0'1

11/27/0 1

12/14/0'1

12/31/01

01/ 15/02

02/28/02

08/29/02

11 / 01 /02

12/19/02

04/ 16/03

09(10/ 04

12/01 / 04

CLOSING DATE

&LOCATION

·10/ 28/99 P.R.

11 /05/99 N.Y.

11 / 05/99 N .Y.

'11 / 16/99 P.R.

03/2'1/00 N.Y.

03/09/00 P.R.

06/0-1/00 N.Y.

06/ 15/00 N .Y.

08/10/00 P.R.

09/28/00 P.R.

09/28/00 P.R.

10/26/00 P.R.

10/31/00 P.R.

'J'l /01/00 N. Y.

·10/26/00 P.R.

rl /30/00 N.Y.

12/06/00 P.R.

12/21/00 N.Y.

12/28/00 P.R.

06/26/01 N.Y.

06/28/01 N.Y.

06/28/01 P.R.

08/15/01 P.R.

08/20/ 01 P.R.

09/27 / 01 P. R.

H /27/0 1 N.Y.

'12/14/01 N.Y.

12/31/01 N.Y.

02/0-1/02 N.Y.

02/28/02 P.R.

08/29/02 P.R. . 11 / 01 / 02 P.R.

'12/19/02 N.Y.

04/ 16/03 P.R.

09(10/ 04 P.R.

12/22/04 N.Y.

PROJECT NAME

Dor,11 Fin,mcial Ccntcr*

GE Ca pitíl l - Míls lers Concrete

CE Ca pitíl l - Mas ters Agrega les

GE C,, pi tal - Maslers Agrega Les

GE Ca pilr1l - Minim aster

GE Ca pital - A llanlic Pipe

Santander Loan Prog rn.m- Series B

GE Capi t-r1l - Hormigoner,1 Mayagüez.1 na

Emb,,ssy Suites Sa n Jua n

AES Puerto Rico * I lospital de la Concepción

San l,l nder Loa n Progr,,m- seri es C

P,u-.,d isus Coco Be,,ch Resort

Coco Beach Golf & Counlry Club

Palmas del Mar Counlry Club

1-lam p lo n lnn Ho tel - C ,g u,lS

GE Capital - N idco Aggrcgates

MOVA Real Eshlle

Uristol- Myers Squibb Company

Costa Sur Golf & Conlry C lu b -Serralles

University Pl,1za

Belz Faclory O ulle t World Puerto Rico

GE Ca pita l - Tech Group

Univers ily o f lhe S,,cred Hea rt

El N uevo Dfil

Emb,issy Suiles Dorado del Ma r Ho te l & Golf

S,rnt,rnder Loa n Program- series D

H um ac,,o Judicia l Cenler

Mas ter Aggregales Serie A

M,,s ter Ar,g rega tes Serie B Concrete producls

Master Aggregates Serie C Mini-Master

Ana G. Méndcz Univ('rsity System

To rre Cha rcló n

G,, le ri a Towcr a t S,111 Pitlric io

Dor,tl Financi,11 C<'nler lluilding

Polytechnic University oí Puerto Rico

Cost,1 Caribe 2003 A - Serra llos

Coco Beach Golf & Counlru C lub (C AB's)

In ter American University of P.R.

GOYERNMENT DEYELOPMEN BANK FOR PUERTO RICO


As of June 30, 2015


AMOUNT OUTSTANOING DATE TRUSTEE

44,765,000 30,835,000 12/ 01/ 29 Cibbank

2,327,000 12/22/09

6,425,000 '11 / 05/09

2,695,000 11/22/09

3,841,000 12/ 22/ 09

5,000,000 11/ 05/09

25,000,000 12/ 01 / 19 US Bank

4,500,000

38,400,000 04/ 01/25 Santander

195,000,000 195,000,000 06/ 01 /26 Deu tsche (Bankers T rust)

37,21 5,000 28,235,000 11 / 15/30 Wells Fargo (Norwes t Bank)

26,000,000 12/ 01/20 US Bank

68,290,000 12/20/30 Po pular

18,000,000 12/ 20/30 Po pular

30,000,000 23,345,000 12/ 20/30 UBS (Paine Webber Trus t)

19,000,000 12/20/30 Popular

6,900,000 12/ 01/ 10

17,000,000 11 / 15/15 Santander

15,200,000 15,200,000 12/31/30 The Bank of N Y

39,000,000 10/ 01 /30 Popular

86,735,000 66,485,000 07 / 01 /33 Thc Bank of NY

66,915,000 12/ 01/30 Sa ntander

3,000,000 07 / 01 / 08

25,130,000 09/01 /31 Popular

130,000,694 12/ 01 /31 US Bank

5,975,000 10/ 01 /26 Santander

25,000,000 12; 0·1; 21 US Bank

4,095,000 10/ 01 /30 Popular

823,150 11 / 01 /09

1,621,050 ll / 01/ 09

1,843,250 11 / 01 / 09

20,365,000 15,185,000 12/ 01 /31 US Bank

59,165,000 03/01/32 Po pu lar

52,230,680 06/01/32 Sa ntande r

7,600,000 6,500,000 12/ 01 /29 Po pular

34,330,000 28,330,000 08/01/32 Popula r

16,835,000 04/ 01 /33 Popu lar

7,497,854 '12/ 20/34 Popula r

36,575,000 27,660,000 10/01/29 The Bank o f NY

INVESTMENT BOND

BANI<ER COUNSEL TYPE

Popu lar Securities Fiddler Commercial

GE Capilal Brown & Wood Indus lria l

GE Capital Brown & Wood Indus tri,t l

Santa nder Securities Pietr,mtoni Commercial

GE Ca pital Brown & Wood Indus tria l

Santander Securities M artfnez Odell Tourism

Gold man Sachs Brown & Wood Indus tria l

Smith Barney Inc. Brown &Wood Medica l Fac

Santande r Securities Pie t-l"ílntoni Commercial

Popula r Securities Pie trn ntoni To urism

Popular Securities Pie trnntoni Tou ri sm

Paine Webber Martínez Odell Tourism

Do ral Securities Ma rlfnez Odell To urism

GE Cap ita l Brown & Wood Indus trial

Santander Securi ti es O'Neill Borges Indus lria l

Firs t Comme rce Sq uire Sanders Indus trial

Santand er Securities Fiddler Tourism

Paine Webber Brown & Wood Educational

Popular Securities O'Neill Borges Comme rc ial

GE Ca pital Brown & Wood Indus lrial

Paine Webber Sq uire Sanders Educalio nal

Paine Webber Fiddler lndus lrial

Santa nder Securities McConnel Valdés Tourism

Santander Securities Pielr,tntoni Com me rcial

Popula r Secur ihes O'Neill Borges O the rs

GE Capi tal Brown & Wood Indus trial

GE C.1pital Brown &Wood Indus trial

GE Ca pital Brown& Wood Indus tri al

Lehma n Brothers Sq uire Sanders Ecluca lional

Popu lar Securities Fidd ler Commercia l

Pa ine Webber Fiddler Com mercia l

Dora l Securitics Cans io, Covas, Sa ntiago Commc rcial

Merrill Lynch & Co. N ixon Peabod y LLP Educa lional

Santa nder Securities Fiddler Tourism

Santande r Securities McConnel V,i ldés Tou ri sm

Lehm an Bro lhe rs Sq uire Sand ers Educa tio nal

222

223

224

225

226

227

228

229

230

231

!SSUE CLOSING DATE

DATE & LOCATION

03/08/06 03/08/06 P.R.

o,1¡ 11 / 06 04 / 11/06 N.Y.

·12¡ 18/ 09 12/ 18/09 P.R.

03/30/ 11 03/30/ 11 P.R.

03/30/ 11 03/30/ 11 P.R.

07 /07 / 1"1 07/ 07/11 P.R.

07 / 07 /"11 07 / 07 /1 1 P.R.

06/27 / 12 06/27/12 P.R.

08/ 07 / 12 08/07 / 12 P.R.

12/ 18/12 12/ 18/ 12 P.R.



As of June 30, 2015


PROJECT NAME AMOUNT OUTSTANDING DATE TRUSTEE

Cost.i Caribe Resorl, 2006 Series A 54,370,000 47,240,000 04/01/33 Popular

Ana G. Mén<lcz Univcrsity System 29,890,000 24,970,000 03/01/36 US Bank

S.111 Po1lricio Pl,1z.1 • 2009 A 21,775,000 10,920,000 06/15/20 Popu la r

C,1lcria Towcr Jt San P,1lricio Projcct 59,649,745 56,019,214 04/ 01/41 Popular

Trump lntcrn.1tional Golf Oub Puerto Rico Projcct 26,355,000 23,215,000 12/20/34 Popular

I Iospit.ll Auxilio Mutuo Obligatc<l Group Projcct, 2011 A 101,035,000 101,035,000 07 /01/33 Popular

l lospilal Auxilio Mutuo Ouligaled Group Project, 2011 ll 11,590,000 2,475,000 07 /01/15 Popular

AnJ C. Méndcz Uni\ll'rsity Systcm 78,380,000 64,875,000 04/0-1/42 US Bank

lnlcr Amcricdn Univcrsity, Series 2012 58,455,000 45,860,000 10/ 01 / 31 The Bank of NY

University o( tite Sacrc<l l lcart Projcct, Series 2012 23,330,000 21,900,000 10/01/42 Popular

Total 6,353,207,454 921,879,214

* O utstanding balance not coníirmed by trus tcc.

-

INVESTMENT BOND

BANKER COUNSEL TYPE

Santande r Securities Fiddler Tourism

Lehman Brothers Squi reSanders Educcltional

Popular Securities Me Conne ll Valdés Commercial

Popu la r Securities Me Connell Valdés Commercia l

Popu lar Securities Pietrnntoni Tourism

Populílr Securities Squi re Sanders Medica! Fac

Popular Securities Squ ire Sa nders Medica ! Fac

Squ ire Sa ncle rs Educa tional

Popu lar Securities Squire Sanders Educational

Santander Securi ties Sq uire Sa nders Ed ucahonal

-

11. B

Emisiones de Bonos Vigentes al Finalizar el Año Fiscal 2014-2015

1

3

4

5

6

7

8

9

o 1

2

3

4

5

16

17

'IS

19

20

21

22

23

24

25

26

27

GOVERNMENT DEVELOPMEN BANI< FOR PUERTO RICO


As of June 30, 2015

ISSUE CLOSfNG DATE ORIGINAL PRINCIPAL DUE

DATE &LOCATION PROJECT NAME AMOUNT OUTSTANDING DATE TRUSTEE

12/23/ 83 12/23/83 N.Y. American Home Proclucts Corp. 40,000,000 40,000,000 12/01/18 The Bank of NY

05/15/94 06/07 /94 N.Y. Ryder Memorinl I-lospitri l 15,000,000 7,745,000 05/0'1/24 Popular

12/ 0'1 / 95 12/ 28/ 95 N.Y. Guaynabo Municipal Government Center 19,090,000 8,285,000 07 /01/22 Popular

n / 15/97 11/25/ 97 P.R. Ashford Prebysle ri,1n Com munity Hosp Parking * 8,540,000 4,815,000 1'1/0l/20 Sa ntander

10/ 01 /98 10/ 21 /98 P.R. Guay nabo \l,,,1arehouse for Emergencies 13,215,000 6,745,000 07/01/24 Popular

06/ 15/99 07 / 15/ 99 N.Y. St1 n Lucas and C risto Redentor Hospitals 30,455,000 19,005,000 06/0l/29 Popular (Santander)

10/28/99 10/28/99 P.R. Doral Fi nancia! Ccnter* 44,765,000 30,835,000 12/01/29 C il'ibank

06/ 01 / 00 06/0'1 / 00 N.Y. AFS Puerto Rico * 195,000,000 195,000,000 06/01/26 Deutsche (Ba nkers Trust)

06/15/00 06(15/ 00 N.Y. Hospital de la Concepción 37,215,000 28,235,000 11/15/30 Wells Fargo (Norwest Ba nk)

10/26/ 00 10/26/ 00 P.R. Palmas del Mar Country Club 30,000,000 23,345,000 12/20/30 UBS (PaineWebber Trust)

11 /30/ 00 11/30/ 00 N.Y. Bristol-Myers Squibb Company 15,200,000 15,200,000 12/31/30 The Bank of NY

12/21/00 12/21 / 00 N.Y. Universi ly Pla z.:1. 86,735,000 66,485,000 07/01 /33 The Bank of NY

01 /15/ 02 02/ 01 / 02 N.Y. Ana G. Méndez Unive rsity System 20,365,000 15,185,000 12/01/31 US Bank

11 /0"1/02 11/0! / 02 P.R. Doral Fi nancia! Ccnle r Build ing 7,600,000 6,500,000 12/01/29 Popular

'12/ 19/ 02 12/ 19/ 02 .Y. Polytechnic Unive rsily of Pu~rto Rico 34,330,000 28,330,000 08/01/32 Popular

12/ 01 / 04 ·12¡22¡ 0,1 N.Y. Inle r America n Uni versily of P.R. 36,575,000 27,660,000 10/01 / 29 The Bank of NY

03/08/ 06 03/08/ 06 P.R. Costa Caribe Resor t, 2006 Series A 54,370,000 47,240,000 04/0'1 /33 Popu lar

04 / 11 / 06 04/11 / 06 N.Y. Ana G. Méndez University System 29,890,000 24,970,000 03/01 /36 US Ba nk

'12/ 18/09 '12/18/ 09 P.R. Sa n Patricio Plaza - 2009 A 21 ,775,000 10,920,000 06/15/20 Popu lar

03/30/11 03/30/11 P.R. Ga lería Tower a l Sa n Patricio Project2011 59,649,745 56,019,214 04/01 / 41 Popular

03/30/11 03/30/ 11 P.R. Trump In te rnation.,I Golf Club Puerto Rico Project 26,355,000 23,215,000 12/20/34 Popular

07 / 07 / n 07/07/ 1"1 P.R. Hospit,11 Aux ilio Mutuo Obligated Group Project 101,035,000 101,035,000 07 /O'l/33 Popular

07 / 07 / l 'J 07 / 07 / 11 P.R. Hospita l Auxil io Mutuo Obligated Group Project 11,590,000 2,475,000 07 /01/15 Popular

06/27 ¡-12 06/27/12 P.R. Ana C. Méndez University System 78,380,000 64,875,000 04/01/42 US Ba nk

08/07 /1 2 08/ 07/12 P.R. ln ler American Uni vers ity, Series 2012 58,455,000 45,860,000 10/01/31 The Bank of NY

12/ 18/12 12/ 18/ 12 P.R. Un iversity of the Sacred Heart Project, Ser ies 2012 23,330,000 21,900,000 10/01/42 Popula r

To tal 1,098,914,745 921,879,214

* Outs tand ing t:,,, lance n ot confi.rmccl l>y trus lce.

INVESTMENT BOND

BANI<ER COUNSEL TYPE

Merri ll Ly nch & Co. Brown & Wood Industrial

First 'Boston Brown &Wood Med ica! Fac

Paine Webber Brown&Wood Olhers

Paine Webber McConnel Valdés Industr ial

Capital Markets Corp Brown&Wood Others

Merrill Lynch & Co Brown& Wood Med ical Fac

Popu lar Securities Fidd ler Commercial

Goldman S.,chs Brown& Wood lndustria l

Smith Barney lnc. Brown & Wood Medica! fac

Pa ine Webber Martínez Odell Tourism

First Commerce Squ ire Sa nders Industria l

Pa ine Webl>er Brow n & Wood Educationa l

Lehman Bro thers Squ ireSande rs Educa tio1M I

Dora l Secu rilies Cansio, Covas, Santiago Commercial

Merrill Lynch & Co Nixon Peabody LLP Educatiom,1

Lehman Brothers Sq uireSanders Educationa l

Santander Secu rities Fiddler Tourism

Lehma n Brothers Sq uireSanders Educationa l

Popu la r Securities McConnell Va ldes Commercia l

Popular Securities Me Connell Valdés Commercial

Popular Securities Pietrantoni Tourism

Popular Securities Squire Sanders Medica! Fac

Popular Securities Squir~ Sanders Med ica! Fac

Squire Sanders Ed ucationa l

Popular Securities Squire Sa nders Educat:io na l

Squire Sa nde rs Educationa l

-

11. e

Emisiones de Bonos durante el Año Fiscal 2014-2015

-

No Hubo Emisiones en el Año Fiscal 2014-2015

V

--

11. D

Transacciones Posteriores al

Cierre del Año Fiscal 2014-2015

-

-

No Hubo Transacciones Posteriores al Cierre del Año Fiscal 2014-2015

-GOBIERNO DE PUERTO RICO Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental

INFORME ANUAL PARA EL AÑO FISCAL 2015-2016

AL HONORABLE GOBERNADOR DE PUERTO RICO Y A LA LEGISLATURA DE PUERTO RICO

PO Box 42001 • San Juan, PR 00940-2001 • Teléfono (787) 722-2525 cm-AFICA

INFORME ANUAL AL GOBERNADOR DE PUERTO RICO Y A LA LEGISLATURA

De la Autoridad de Puerto Rico para el Financiamiento de Facilidades Industriales, Turísticas, Educativas, Médicas y de Control Ambiental (AFICA)

En virtud de la Ley Núm. 121 de 27 de junio de 1977, según enmendada.

ÍNDICE

l. Estados Financieros para el Año Fiscal 2015-2016

11. Informe Sobre el Status de los Financiamientos

A. Emisiones de Bonos desde su Creación y Balances en Circulación

B. Emisiones de Bonos Vigentes al Finalizar el Año Fiscal 2015 - 2016

C. Emisiones de Bonos durante el Año Fiscal 2015 - 2016

D. Transacciones Posteriores al Cierre del Año Fiscal 2015 - 2016

-

.....

l. Estados Financieros para el Año Fiscal 2015 - 2016

LLM&D,PSC 165 Ponce de león Ave., Second Roer San Juan, Puerto Rico 00917-1233

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND

ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY

(A Componcnt Unit ofthe Commonwealth of Puerto Rico)

BASIC FINANCIAL STATEMENTS AND

REQUIRED SUPPLEMENTARY INFORlv!ATION

June 30, 2016

(With Independent Auditors' Report Thereon)

CERT!FlED l'UBL!C ACCOUNTANTS • BUSINESS ANO TAX CONSULTANTS Mcmbcr Firm of 'Ine American lnstitule and the Puerto Rico Society of Ccrlified Public Accountants



(A Component Unit ofthe Commonwealth of Puerto Rico) INDEX TO THE BASIC FINANCIAL STATEMENTS


MANAGEMENT'S DISCUSSION ANO ANALYSIS (UNAUDITED)

BASIC FINANCIAL STA TEMENTS:

Statement ofNet Position

Statement ofRevenues, Expenses, and Change in Net Position

Statement of Cash Flows

Notes to Basic Financia) Statements

Page

1-3

4-7

8

9

10

11-18

LLM&D,PSC 165 Ponce de León Ave., Second Floor San Juan, Puerto Rico 00917-1233


To the Board of Directors of Puerto Rico Industrial, Tourist, Educational, l\Jedical and Environmental Control Facilities Financing Authority:

Report on the Basic Financial Statements

\Xle have audited the accompanying statement of nct position of thc Puerto Rico Industrial, Tourist, Educacional, Medica! and Environmental Control Facilities Financing Authority (the "Authority") as of June 30, 2016 and thc statcments of revenues, expenses and change in net position and cash flows far the year thcn ended, and the related notes to the financia! statcments, which collectivcly comprise the Authorit.y's basic financia! statements as listed in the table of contcnts.

Management's Responsibility for the Basic Financial Statements

Managemcnt is responsible far thc prcparation and fair presentation of these basic financia! statements in accordance with accounting principies generally accepted in the United States of America; this includes the design, implemcntation, and maintenance of interna! control rele,0 ant to the preparation and fair presentation of financia! statements that are free from material misstatement, whether due to fraud ar error.

Auditor's Responsibility

Our responsibility is to express an opinion on thcse basic financia! statements bascd on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of Amcrica. Those standards rcguire that we plan and perfom1 the audit to obtain reasonable assurance about whcther the basic financia! statcments are free of material misstatement.

An audit involves performing procedures to obtain audit evidencc about the amounts and disclosures in the basic financia! statements. The procedures sclected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the basic financia! statements, whcther duc to fraud or error. In making those risk assessments, che auditor considers interna! control rclevant to the Authority's preparation ancl fair presentation of thc basic financia! statements in arder to design audit procedures that are appropriatc in the circumstanccs, but not for the purposcs of expressing an opinion on the effcctivcness of thc Authority's interna! control. Accordingly, wc cxprcss no such opinion. ,;\n audit also includes evaluating thc appropriateness of accounting policics used aml the rcasonablencss of significant accounting estimares made by management, as wcll as cvaluating the m·erall prcsentation of the basic financia! statements.

\'Ve bclicve that the audit cvidcncc wc have obtained is sufficicnt and appropriate to prodde a basis for our audit opinion.

CERT!FIED PUBLIC ACCOUNTANTS • BUSINESS ANO TAX CONSULTANTS Member Firm of The American lnstitute and lhe Puerto Rico Society of Ccrtilied Public Accountants


Basis for Qualified Opinion ,

As explained in note 2, the Authority has not implemented the requirements of the Governmental Accounting Standards Board (GASB) Statement No. 68, Acco11nting a11dfi11ancial Reportingfor Pensionsan amendment efGASB 27. Accordingly, the Authority has not been able to determine and account for its proportionate share of the net pension liability, deferred outflow of resources and deferred inflow of resources related to pension costs; and has not recognized the effect of current period changes in net pension liability, deferred outflow of resources and deferred inflow of resources associated with these costs.

Accounting principies generally accepted in the United States of America require that pension related liability, deferred outflow of resources and deferred inflow of resources, as applicable, be recognized in accordance with the parameters established by GASB 68, as well as the effect of current period changes of the aforementioned amounts that must be recognized in pension expense during the current year. Recognition of these amounts would increase liabilities, create deferred outflow of resources, create deferred inflow of resources, decrease net position and change the amount of pension expense within general and administrative expenses. The amounts by which this departure would affect liabilities, deferred outflow of resources, deferred inflow of resources, net position and expenses of the Authority has not been determined.

Opinion

In our opinion, except for the effects of the matters described in the "Basis for Qualified Opinion" paragraph, the basic financia! statements referred to above present fairly, in all material respects, the financia! position of the Authority, as of June 30, 2016, and the changes in its financia! position and cash flows thereof for the year then ended in accordance with accounting principies generally accepted in the United States of America.

Other Matters

Req11ired S11pplementary lnformation Omitted

The Authority has omitted the Schedules of the Authority' Proportionate Share of the Net Pension Liability and the Schedule of the Authority's Contributions to the Employees' Pension Plan, information that accounting principies generally accepted in the United States of America require to be presented to supplement the basic financia! statements. Such nússing infonnation, although not a part of the basic financia! statements, is required by the GASB, who considers it to be an essential part of the financia! reporting for placing the basic financia! statements in an appropriate operational, economical or historical context. Our opinion on the basic financia! statements is not affected by this missing information.

2

Reqllired S11pp!et11mlary Informatiou

I\ccounting principles generally accepted in the United States of America reguirc that thc 1fanagement's Discussion and I\nalysis on pages 4 through 7 be presented to supplement rhe basic financia! statcments. Such information, although not a part of thc basic financia! statements, is required by the G.i-\SB who considers it to be an essential part of financia! reporting for placing the basic financia! statements in an appropriate operacional, economic, or historical context. \'(!e have applied ccrtain Limited proccdures to the required supplementary information in accordance with auditing standards generally accepted in the United Statcs of J\merica, which consisted of inquines of managemcnt about the methods of preparing thc information and comparing the information for consistency with managcmcnt's responses to our inquirics, thc basic financia! statcmcnts, and other knowledgc wc obtained during our audit of the basic financia! statements. \'1/e do not express an opinion or provide any assurance on the information bccause the lin1ited procedures do not providc us with sufficient evidence to express an opinion or providc any assurance.

Dcccmbcr 16, 2016 SanJuan P

3

ljccnse No. 90 Expiration Date: Dcccmber 1, 2019




This section presents the management's discussion and analysis of the Puerto Rico Industrial, Tourist, Educational, Medica!, and Environmental Control Facilities Financing Authority (the "Authority") financia! performance for the fiscal year ended June 30, 2016, and is presented as a narrative overview and analysis in conjunction with the basic financia! statements.

The Authority was created to issue revenue bonds and to lend the proceeds thereof to tinance the acquisition, construction, and equipping of industrial, tourist, educational, medica!, and environmental control facilities. The Authority charges a placement fee based on the face value ofthe bonds issued. The Authority is exempt from taxation in Puerto Rico.

l. Financial Higblights

• During the year ended June 30, 2016, no conduit debts were issued.

• The Authority's net loss from operations for the year ended June 30, 2016, amounted to approximately $5,000, representing a decrease of approximately $2,000 when compared to prior year's net loss from operations of $7,000. Decrease in net loss is mainly related to a reduction in general and administrative expenses during 2016 when compared to the 2015.

Financia) Statements Overview

The financia! statements include the management's discussion and analysis narrative, the independent auditors' report, and the basic financial statements of the Authority. The notes to the basic financia! statements provide additional information not disclosed in this section.

2. Required Financia) Statements

The accompanying financia! statements ofthe Authority present information using accounting methods similar to those used by prívate sector companies. These statements offer short and long-term financia! information about its activities. The statement of net position includes ali

., ofthe Authority's assets and liabilities and provides information about the nature and amounts of investments in resources (assets) and the obligations to creditors (liabilities). It also provides the basis for evaluating the net position of the Authority and assessing its liquidity and financia) flexibility.

,,,,,

Current year revenues and expenses are accounted for in the statement of revenues, expenses, and change in net position. This statement measures the success of the Authority's operations over the past year and can be used to determine whether the Authority has successfully recovered its costs through its user fees and other charges.

The final required financia! statement is the statement of cash flows. This statement reports cash receipts, cash payments, and net changes in cash resulting from operations, investing, and

4




capital and noncapital financing activities and provides answers to such questions as where did cash come from, what was cash used for, and what was the change in the cash balance during the reporting period.

3. Financial Analysis

The statement of net position and the statement of revenues, expenses, and change in net position present information about the Authority's activities in a way that will help determine whether the Authority, as a whole, is better or worse financially as a result ofthe current year's activities. Both statements present the net position of the Authority and the changes in them. One can think of the Authority's net position (the difference between assets and liabilities) as one way to measure financia! health or financia! position. Over time, increases or decreases in the Authority's net position are one indicator of whether its financia] health is improving or deteriorating. However, other nonfinancial factors must be considered such as changes in economic conditions and new or changed government legislation.

4. Net Position and Change in Net Position

Condensed financia! information on assets, liabilities, and net position are presented below (in thousands):

June30, Chao ge 2016 2015 Amount Percent

ASSETS - Curren! assets $ 29 $ 69 $ (40) (58)% LIABILITIES - accounts payable

and accrued liabilities 29 69 40 58%

UNRESTRICTED NET POSITION $ $ $ 100%

The Authority's cash and accounts payable decreased by $40 thousand for the year ended June 30, 2016, mainly related to payment made to suppliers. During the year ended June 30, 2016, no bonds were issued and, therefore, no placement fees were earned by the Authority. However, during the year ended on June 30, 2016 the Authority recognized interest income of $10 thousand which was offset by a loss on impairment on cash deposited in the Bank amounting to $5 thousand and operating expenses amounting to $5 thousand. Please refer to note 3 ofthe basic financia! statement for more information related to the impairment on cash deposited in the Bank.

5

· PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVffiONMENTAL CONTROL FACILITIES FINANCING AUIBORITY



Condensed tinancial information on revenues, expenses, and changes in net position are presented below (in thousands):

June 301 Change 2016 2015 Amount Percent

OPERATING EXPENSES: General and administrative 5 7 2 29%

(Loss) income from operations $ (5) $ (7) $ 2 (29)%

NON-OPERATING REVENUES/(EXPENSES): lnterest income 10 9 11% Loss on impairment (5) (9,469) 9,464 000)%

Total non-operating revenue 5 (9,460) 9,465 (100)%

Changes in net position (9,467) 9,467 (100)% Net position, beginning of year 9,467 (9,467) . (100)%

Net position. end of year $ $ $ 100%

Comparative statements of net position show the changes in the Authority's financial position and the statements of revenues, expenses and e han ge in net position provide guidance as to the nature and source of these changes.

5. Debt Administration - Conduit Debt

The Authority's main operations consist of issuing revenue bonds that are considered conduit debt and, therefore, neither these bonds nor the related loans granted by the Authority are presented in the accompanying basic financia! statements. Revenue is earned from the collection of a placement fee which generally represents 1 % of the face value of the bonds issued, except for bonds issued to finance educational, medical, or environmental control facilities or other projects otherwise eligible to be financed in the U.S. tax-exempt bond market, for which the placement fee charged is one half percentage (0.5%). The revenue bonds are special and limited obligations of the Authority and, except to the extent payable from bond proceeds and investments thereof, will be payable solely from and secured by a pledge and assignment of the amounts receivable under the loan agreements between the Authority and the borrowers.

Furthermore, payment of the principal and interest on the revenue bonds is unconditionally guaranteed by the borrowers, their parent companies, or letters of credit generally issued by major U .S. banks or U .S. branches of international banks. The revenue bonds do not constitute adebt ora pledge ofthe good faith and credit ofthe Authority or the Commonwealth of Puerto Rico or any political subdivision thereof.

As of June 30, 2016, the Authority has issued revenue bonds in an aggregate amount of approximately $1,032 million, which $818 million are outstanding. See Note 6 to the basic financia! for the composition of the revenues bonds outstanding.

6




6. Currently Known Facts

7.

The Authority is required to adopt the provision Governmental Accounting Standard Board (GASB) Statement No. 68 Accounting and Financia/ Reportingfor Pensions- ofGASB 27, and Statement No. 71, Pension Transitionfor Contributions Made Subsequent to the Measurement Date, an amendment of GASB Statement No. 68 (GASB No.71). These Statements were effective for fiscal years beginning after June 30, 2014.

The adoption of GASB 68 requires the Authority to obtain from the Commonwealth Employee's Retirement System Administration (ERS), technical information regarding actuarial valuations, discount rates, the Authority's proportionate share of the net pension liability and deferred outflows and inflows of resources, among others. At the date of the financia! statements, and in spite of several formal requests from the Authority's management, the ERS did not provide the Authority with the required audited information. Therefore, the Authority's basic financial statements have been qualified as a result of the non-adoption of this pronouncement. The impact ofthese statements in the Authority's financial statements could not be determined.

Contacting the Authority's Financial Management

This financial report is designed to provide ali interested with a general overview of the Authority's ti nances and to enhance the Authority's accountability for the resources it manages. lf you have questions about this report or need additional financial information, contact the Puerto Rico Industrial, Tourist, Educational, Medica!, and Environmental Control Facilities Financing Authority, P.O. Box 42001, San Juan, Puerto Rico, 00940-2001.

7


(A Component Unit ofthe Commonwealth of Puerto Rico) STATEMENT OF NET POSITION

JUNE 30, 2016

ASSE'IS - Cash $ 29,404

LIABILITIES - Accounts payable and accrued liabilities $ 29,404

NET POSITION - Unrestricted $

See notes to basic financia) statements.

8

.,,,

.,,,

.,,,


(A Component Unit ofthe Commonwealth of Puerto Rico) STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION


OPERATING EXPENSES AND LOSS FROM OPERA TIONS General and administrative

NON-OPERATING INCOME Interest Loss on impairrnent Total Non Operating Income

CHANGE IN NET POSITION

NET POSITION - Beginning of year

NETPOSITION - End ofyear

See notes to basic financia! statements .

9

$ 5,912

9,680 (4,563) 5,117

(795)

795

$


(A Component Unit ofthe Commonwealth ofPuerto Rico)

"' STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2016

CASH FLOWS USED IN OPERATING ACTIVITIES Payment for operating expenses $ (45,580)

CASH FLOWS FROM INVESTING ACTIVITIES Loss on impairrnent (4,563) lnterest received 9,683 Total cash provided by investing activities 5,120

NET CHANGE IN CASH (40,460)

CASH - Beginning of year 69,864 CASH - End of year $ 29,404

.., RECONCILIA TION OF OPERA TING LOSS TO NET CASH

USED IN OPERA TING ACTIVITIES: Operating loss $ (5,912) Adjustment to reconcile operating loss to net cash used in operating activities -decrease in accounts payable and interest receivable (39,668)

NET CASH USED IN OPERATING ACTIVITIES $ (45,580)

See notes to basic financia! statements.

10

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1.




REPORTING ENTITY

The Puerto Rico Industrial, Tourist, Educational, Medica!, and Environmental Control Facilities Financing Authority (the "Authority") is a component unit ofthe Commonwealth of Puerto Rico (the "Commonwealth") and an affiliate of the Government Development Bank for Puerto Rico (the "Bank"), created by Act No. 121 (the "Act") of the Legislature ofthe Commonwealth on June 27,1977, as amended.

The Authority was created to issue revenue bonds and to lend the proceeds thereof to finance the acquisition, construction, and equipping of industrial, tourist, educational, medica!, and environmental control facilities. The Authority charges a placement fee based on the face value ofthe bonds issued. The Authority is exempt from taxation in Puerto Rico. See more information about these bonds on Note 6.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of the Authority conform to Accounting Principies Generally Accepted in the United States of America ("GAAP"), for govemments as prescribed by the Governmental Accounting Standards Board ("GASB").

During fiscal year ended on June 30, 2016 certain Governmental Accounting pronouncements became effective, none of which had any impact in the results of the operations or in the presentation ofthe financia( statements of the Authority.

Following is a description of the Authority's more significant accounting policies:

Measurement Focus, Basis o/ Accounting and Financia/ Statements Presentation - The Authority's financia( statements are reported using the economic resources measurement focus and the accrual basis of accounting. Operating revenues are recorded when eamed and operating expenses are recorded when incurred, regardless ofthe timing of related cash flow. The Authority's placement fee income is recognized upon the issuance ofthe bonds. Revenues and expenses not meeting these criteria are reported as non-operating revenues or expenses.

The statement of net position presents the Authority's assets and liabilities, with the difference reported as net position. Net position is reported in two categories:

a) Restricted component of net position consists of restricted assets reduced by liabilities related to those assets. Restricted net position results when constraints placed on net position use are either extemally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutional provisions or enabling legislation.

11

.,,

.,,




b) Unrestricted component of net position consists of net amount of the assets and liabilities that do not meet the definition of the preceding category. Unrestricted component of net position often is designated, in order to indicate that management does not consider them to be available for general operations. Unrestricted component of net position often has constraints on use that are imposed by management, but such constraints may be removed or modified.

The statement of revenues, expenses, and changes in net position demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function.

Income Tax- The Authority is exempt from taxation in Puerto Rico.

Use of Estimates - The preparation of the financial statements in conformity with accounting principies generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financia) statements and the reported amounts ofrevenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Bonds and Related Loans- Revenue bonds issued by the Authority are considered conduit debt and, therefore, neither these bonds nor the related loans granted by the Authority are presented in the accompanying basic financia) statements.

Recently lssued Accounting Pronouncements - The GASB has issued the following accounting pronouncements that have effective date after June 30, 2016:

• GASB Statement No. 74, Financia/ Reportingfor Postemployment Benefit Plans Other Than Pension Plans. This Statement replaces Statements No. 43, Financia/ Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans. It also includes requirements for defined contribution OPEB plans that replace the requirements for those OPEB plans in Statement No. 25, Financia/ Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, as amended, Statement 43, and Statement No. 50, Pension Disclosures. The objective of this Statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general purpose externa! financia) reports of state and local govemmental OPEB plans for making decisions and assessing accountability. This Statement is effective for financia) statements for fiscal years beginning after June 15, 2016.

• GASB Statement No. 75, Accounting and Financia! Reporting for Postemployment Benefit Other Than Pension. This Statement replaces the requirements of Statements No. 45, Accounting and Financia/ Reporting by Emp/oyersfor Postemployment Benefits

12




Other Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, for OPEB. The primary objective of this Statement is to improve accounting and financia! reporting by state and local govemments for postemployment benefits other than pensions (other postemployment benefits or OPEB). lt also improves information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. This Statement is effective for fiscal years beginning after June 15, 2017.

• GASB Statement No. 77, Tax Abatement Disclosures. This Statement requires governments that enter into tax abatement agreements to disclose the following information about the agreements:

./ Brief descriptive information, such as the tax being abated, the authority under which tax abatements are provided, eligibility criteria, the mechanism by which taxes are abated, provisions for recapturing abated taxes, and the types of commitments made by tax abatement recipients

./ The gross dollar amount oftaxes abated during the period

./ Commitments made by a government, other than to abate taxes, as part of a tax abatement agreement.

Governments should organize those disclosures by major tax abatement program and may disclose information for individual tax abatement agreements within those programs. Tax abatement agreements of other govemments should be organized by the govemment that entered into the tax abatement agreement and the specific tax being abated. Governments may disclose information for individual tax abatement agreements of other govemments within the specific tax being abated. For those tax abatement agreements, a reporting govemment should disclose:

./ The names ofthe govemments that entered into the agreements .

./ The specific taxes being abated .

./ The gross do llar amount of taxes abated during the period.

The requirements of this Statement are effective for financia) statements for periods beginning after December 15, 2015.

• GASB No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit Plans. This Statement addresses a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financia! Reportingfor Pensions. This issue is associated with pensions provided through certain multiple-employer defined benefit pension plans and to state or local govemmental employers whose employees are provided with such pensions. Prior to the issuance of this Statement, the requirements of Statement 68 applied to the financia) statements of ali state and local govemmental employers whose employees are provided with pensions through pension plans that are administered through trusts that meet the criteria in paragraph 4

13




of that Statement. This Statement amends the scope and applicability of Statement No. 68 to exclude pensions provided to employees of state or local govemmental employers through a cost-sharing multiple-employer defined benefit pension plan that (1) is nota state or local governmental pension plan, (2) is used to provide defined benefit pensions both to employees of state or local govemmental employers and to employees of employers that are not state or local governmental employers, and (3) has no predominant state or local govemmental employer (either individually or collectively with other state or local govemmental employers that provide pensions through the pension plan). This Statement establishes requirements for recognition and measurement of pension expense, expenditures, and liabilities; note disclosures; and required supplementary information for pensions that have the characteristics described above. The requirements of this Statement are effective for financia( statements for periods beginning after December 15, 2015.

• GASB No. 80 Blending Requirements for Certain Component Units - an amendment of GASB No. 14. This statement amends the blending requirements for the financia( statement presentation of component units of ali state and local govemments. The additional criterion requires blending of a component unit incorporated as a not for profit corporation in which the primary govemment is the sole corporate member. The requirements ofthis statement are etfective for reporting periods beginning after June 15, 2016. Earlier application is encouraged.

• GASB No. 81 Irrevocable Split Interest Agreements. This statement improves accounting and financia) reporting for irrevocable split interest agreements by providing recognition and measurement guidance for situations in which a govemment is a beneficiary ofthe agreement. The requirements ofthis statement are effective for financia( statements for periods beginning after December 15, 2016.

• GASB No. 82 Pensions Issues an amendment ofGASB Statements No. 67, No. 68 and No. 73. This statement address certain issues that have been raised with respect to Statements No. 67, Financia/ Reporting for Pension Accounting and Financia/ Reporting for Pensions and Related Assets and No. 73 Financia/ Reporting for Pension Accounting and Financia/ Reporting for Pensions and Related Assets That are not within the Scope of GASB Statement No. 68 and Amendments to Certain Provisions of GASB Statement 67 and 68. The requirements of this statement are effective for reporting periods beginning after June 15, 2016.

• GASB No. 83 Certain Asset Retirement Obligation. This Statement addresses accounting and financia) reporting for certain asset retirement obligations (AROs). An ARO is a legally enforceable liability associated with the retirement of a tangible capital asset. A govemment that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize a liability based on the guidance in this Statement. The requirements of this statement are etfective for reporting periods beginning after June 15, 2018.

14

-PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND

ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY (A Component Unit ofthe Commonwealth of Puerto Rico)


Management is evaluating the impact that these Statement will have on the Authority's basic financia! statements.

De/erra/ o/ Accounting Pronouncement - The Authority is required to adopt the provisions of Governmental Accounting Standard Board (GASB) Statement No. 68, Accounting and Financia/ Reportingfor Pensions - an amendment of GASB 27 and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date, an amendment of GASB Statement No. 68 (GASB No.71). These statements replaced the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, as well as the requirements of GASB No. 50, Pension Disclosures, as they related to pensions that are provided through pension plans administered as trusts or equivalent arrangements that meet certain criteria as is the case of the Employees' Retirement System of the Government of the Commonwealth (ERS). Under Statement No. 68, the Commonwealth's agencies, as well as the component units and municipalities are considered "cost-sharing" employers of the ERS, therefore, the Authority would report its allocated share of the Commonwealth's resulting net pension liability, net pension expense and related and applicable deferred outflow/inflow of resources based on (1) the Authority's individual proportion to the collective net pension liability, expense and deferred outflow/inflow of resources of ali the governments participating; and (2) the proportion should be consistent with the method used to assess contributions (percentage of payroll). With respect to Statement No. 71, it amended paragraph 137 2 of Statement No. 68 to require that, at transition, a government recognize a beginning deferred outflow of resources for its pension contributions, if any, made subsequent to the measurement date of the ERS' beginning net pension liability.

The ERS did not provide the Authority the information needed to adopt Statement No. 68 and No. 71 in prior year. Such required information has not been provided either for 2016. Accordingly, these financial statements do not include any adjustments, disclosures or required supplementary information established by these statements.

3. CUSTODIAL CREDIT RISK

Custodia! credit risk for deposits is the risk that, in the event of the failure of a depository financia! institution, the Authority will not be able to recover its deposits. The Authority policies do not contain legal or policy requirements that would limit the exposure to custodia! credit risk for deposits. As of June 30, 2016, approximately $9.5 million the Authority deposits within the Bank are held in uninsured and uncollateralized accounts.

On April 8, 2016, the Governor signed Executive Order No. 2016-010 ("EO No. 2016-01 O"), declaring the Bank to be in a state of emergency pursuant to Act 21 of April 6, 2016. In accordance with the emergency powers provided for in Act 21, EO No. 2016-010 implemented a regulatory framework governing the Bank operations and liquidity, including

15

..

4.

5.


(A Component Unit ofthe Commonwealtb of Puerto Rico) NOTES TO BASIC FINANCIAL STATEMENTS


prohibiting loan disbursements by the Bank and establishing a procedure with respect to govemmental withdrawals, payments, and transfer requests with respect to funds held on deposit at the Bank. To that effect, EO No. 2016-01 O restricts the withdrawal, payment and transfer of funds held on deposit at the Bank to those reasonable and necessary to ensure the provision of essential services and authorizes the Bank to establish weekly limits on the aggregate amount of such disbursements. Moreover, EO No. 2016-01 O prohibits the Bank depositors from printing or writing checks creditable against their accounts at the Bank, unless they obtain a temporary waiver from the Bank. As the Bank serves as the depositary ofall of the Authority's funds, the Authority's cash and time deposits, pursuant EO No.2016-1 O, will be subject to strict restrictions and limitations.

The Bank continues facing significant risks and uncertainties and it currently does not have sufficient liquid financia! resources to meet obligations as they become due.

As further explained in note 1, the Authority was created to issue revenue bonds and to lend the proceeds thereof to finance certain acquisition and construction projects. However, the Authority's operations have been practically inactive and its available cash deposited at the Bank maintained idle for the past five years dueto the nature of its operations and liquidity problems of the Commonwealth and the Bank. Given the inactivity of the Authority's operations and its available idle cash deposited at the Bank, combined with the provisions of Act 21 and EO No. 2016-1 O described on the preceding paragraph and the uncertainty surrounding the Bank liquidity position, it is probable that the Authority would not be able to recover the funds deposited at the Bank. Therefore, an impairment of $4,563 was recognized during fiscal year 2016, in order to bring the accumulated impairment reserve on the cash deposited at the Bank at $9,473,153 as of June 30, 2016.

SERVICE AGREEMENT

The Authority has an agreement with the Bank whereby the Bank provides managerial, administrative and financia! services to the Authority. Pursuant to this agreement, the Authority was not charged by the Bank during the fiscal year 2016.

PLACEMENT FEES

The Authority generally charges a placement fee of one percent ( 1 %) of the face value of bond issued or as deemed appropriate for the specific issue, except for bonds issued to finance educational, medical, or environmental control facilities or other projects otherwise eligible to be placed in the U.S. tax-exempt bond market, for which the placement fee charged is one half percentage (0.50%). During the year ended June 30, 2016, no bonds were issued and, therefore, no placement fees were recorded.

16

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6. REVENUE BONDS

The revenue bonds are special and limited obligations of the Authority and, except to the extent payable from bond proceeds and investments thereof, will be payable solely from and secured by a pledge and assignment ofthe amounts payable under the loan agreements between the Authority and the borrowers. Furthermore, payment of principal and interest on the revenue bonds is unconditionally guaranteed by the borrowers, their parent companies, or letters of credit generally issued by major U.S. banks or U.S. branches of international banks.

The revenue bonds are considered conduit debt and do not constitute a debt ora pledge of the good faith and credit of the Authority or the Commonwealth or any political subdivision thereof.

In connection with the issuance of revenue bonds, the Authority enters into trust agreements, whereby the Authority assigns and pledges to the trustees, for the benefit of the holders ofthe revenue bonds; (1) ali amounts receivable by the Authority in repayment of the amounts due under the loan agreements; (2) any rights, title, and interest of the Authority in the proceeds derived from the issuance of the revenue bonds and of any securities in which moneys in any fund or account created by the trust agreements or loan agreements are invested and the proceeds derived there from; and (3) the Authority's rights, title, and interest in and to the loan agreements, subject to the Authority's retention of certain rights, including the right to collect moneys payable to the Authority, which are not received with respect to repayment ofthe loans.

At June 30, 2016, the Authority has issued revenue bonds in an aggregate amount of approximately $1,032 million, ofwhich approximately $818 million are outstanding.

17

7.

rl

,,,

..

PUERTO RICO INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUfflORITY

(A Component Unit ofthe Commonwealtb of Puerto Rico) NOTES TO BASIC FINANCIAL STATEMENTS


Outstanding revenue bonds as of June 30, 2016, are as follows:

Revenue Bonds Original Amount Outstanding Amount

Commercial / Industrial $ 392,529, 745 $ 361,766,178 Educational 368,060,000 275, 175,000

Medica! 216,010,000 137,045,000

Tourist 56,355,000 44,835,000

$ 1,032,954, 745 $ 818,821, 178

SUBSEQUENT EVENTS

On June 30, 2016, the U.S. President signed the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"), which grants the Commonwealth and its component units access to an orderly mechanism to restructure their debts in exchange for significant federal oversight over the Commonwealth's finances. In broad strokes, PROMESA seeks to provide Puerto Rico with fiscal and economic discipline through the creation of a control board, relief from creditors and lawsuits through the enactment of a temporary stay on litigation, and two alternative methods to adjust unsustainable debt.

On June 30, 2016, the Govemor signed an Executive Order, E0-2016-030 ("E030"), declaring the Commonwealth to be in state of emergency and declaring a moratorium on the Commonwealth's obligation to make payments on bonds, and notes issued or guaranteed by the Commonwealth. EO 30 suspends any obligation of the Office of Management and Budget ofthe Commonwealth to include an appropriation in the proposed budget submitted to the Legislative Assembly for the payments of bonds issued by the Public Finance Corporation.

Subsequent events were evaluated through December 16, 2016, the date the financial statements were available to be issued, to determine if any such events should either be recognized or disclosed in the 2016 financia! statements .

18

11. Informe Sobre el Status de los Financiamientos y las Actividades desde la Creación de AFICA

d

-

11. A

Emisiones de Bonos desde su Creación y Balances en Circulación

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2

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12

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16

17

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19

20

21

22

23

24

25

26

27

28

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30

31

32

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36

37

38

39

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' \. l

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO


As of June 30, 2016

' ...

~·-&fg,,vb·~,,1¡¡it;w'··!Jlii~'!#li-4\'~v$".~1',ª•~·1r,,"·,•'tPJ, - "'"' ~ '4'/:i'f':'1:J~&f}iiiif"""Wl' s,,1, ;¡},,;y~i#k ¡ ¡;¡ '!ftft}lt"'J{"ÁV¡:t# '-'~~ll# Xw "~"'4:c t{ rt'<*- \M~;¡,.,;~l:v,.,,,\i~f'l{'";.J"'it~~-"il; ~:n M.ff>1%;r,\.,.tz"~'4\¡;~f;' ;<{ ,:t'!JiJ:.if!.~ ~ y"'~, ' ,;-X'.g/ ~ • /'?.:-\: ""'*.w}*fr;..,,Eft ~ ,A': ;. ' '. ~ , .. , ' ~ ,~} '. .. ,·· . }}~~~ ;,,~'.,i{;r,;.t,~,J;;'tilf "{\,~-:-:.~:~~·~: ·~ ;J}:~I.,~' ,· .;~ ·r:1.:,;ff~;l}i}/f ,, ~:«,<'tt:~1~¡;.:.i • .,_,' ¡... ,.~fJ'#!.rf;,"'/J..«~,.~,"k1,(I _,: "\• ,.~ "·~" ~ r ~ ~.: ~,.,¡t{«;:,, •• /,;.,=~·.i1~~~ ... 1-J.,,1'.k'ii.~'~;_ ~ ; ,3;t, . 1e,,.,.""~'" ,rj.w"d';,.., ··~,,1S;;~,,..°"''l't• 4,:.-l;,,","',t~~~r'i;.~ 1{ ~4"'..~,f,,.,,,w~ ~nh-"i'~·~ ,,. '-J1':b ,,.,.c;;w~~" ;:,,c,;1,,.):4¿¡

05/01/78 06/15/78 N.Y. PPG Industries, lnc. Project $ 2,725,000 05/01/98 Popular First Boston Pollution

06/01/78 06/12/78 N.Y. Union Carbide Corporation Project 8,500,000 06/01/08 Popular Blyth Eastman Pollution

08/01/78 08/29/78 P.R. Barceloneta Secondary Sewage Treatmt. 23,500,000 08/01/98 Chase Blyth Eastman Pollution

07 /01/79 08/01/79 P.R. Abbot Chemicals, lne. 20,000,000 07/01/09 Chase AG. Becker Borge& Pitt Industrial

07/01/79 08/10/79 N.Y. Renasa Inc.-Squibb Corporation 30,000,000 07 /01/04 Chas e AG. Becker Borge& Pitt Industrial

11/01/79 11/27/79 N.Y. Isomedix, Puerto Rico, Jnc. 2,050,000 11/15/90 North Carolina Natl Bank Direct Placement Industrial

02/01/80 03/05/80 N.Y. Union Cdrbide Corporation 7,000,000 02/01/05 Popular Blyth Eastman Pollution

06/01/80 06/30/80 N.Y. St.Luke's Hospilal 12,750,000 06/01/10 Popular Blyth Eastman Medica! Fac.

06/01/80 H.J. Heinz Company 5,640,000 06/01/95 Mellon Bank Dillon, Read & Co. Brown& Wood Industrial

07/01/80 08/27 /80 N.Y. Ralston Purina Company 19,900,000 07 /01/95 First Tennessee Goldman, Sachs Industrial

09/15/80 09/25/80 N.Y. Aireo Caribe, lnc. 20,000,000 09/01/83 Chase Prívate Placement Industrial

09/30/80 09/30/80 N.Y. Avicon, Inc 6,000,000 09/30/85 Wachovia Direct Placement Industrial

10/22/80 10/22/80 N.Y. Bacardi Corporntion 3,195,772 10/22/98 Popular Goldman, Sachs Industrial

03/01/81 03/24/81 N.Y. Pfizer, lnc. 22,000,000 03/01/01 Cha se Lazard Freres Industrial

04/01/81 04/23/81 N.Y. Searle & Cornpany 4,200,000 04/01/84 Cha se Goldman, Sachs Industrial

05/01/81 05/19/81 N.Y. (FHA !ns. Mort.) Turabo Medica! Center 29,860,000 05/01/86 Popular Kidder, Peabody Medica! Fac.

05/01/81 06/30/81 N.Y. PepsiCo, Inc 16,000,000 05/01/84 Ch ase Saloman Brothers Industrial

06/01/81 H.). Heinz, Company 5,000,000 06/01/84 Mellon Bank Dillon Read & Co. Industrial

06/l0/81 06/10/81 P.R. Roche Prod ucts, Inc. 20,000,000 10/10/01 Chase Private Placement Industrial

07 /01/81 07 /01/81 N.Y. C.R. Bard, !ne. 3,100,000 07 /01/01 Summit & Elizabeth Trust Direct Placement Brown&Wood Industrial

08/01/81 08/31/81 N.Y. Schering - Plough Corporation 40,000,000 08/01/11 Ch ase AG. Becker Brown&Wood Industrial

09/01/81 N.Y. Mitel Corporation 7,500,000 09/01/91 Popular Saloman Brothers Industrial

09/01/81 09/04/81 N.Y. Rexnord, Inc. 5,000,000 09/01/06 M & I Marshall & Lsley Bank Essex Company Industrial

09/01 /81 09/22/81 N.Y. Reynold Metals Company 40,000,000 09/01/86 Citibank Goldman, Sachs Industrial

09/01/81 10/07/81 N.Y. American Cyam1mid Corporation 11,000,000 11/01/86 Popular Saloman Brothers Industrial

10/01/81 10/22/81 N.Y. Abbott Laboratories 14,000,000 10/01/84 Popular AG. Becker Industrial

11/01/81 12/09/81 N.Y. Union Carbide Corporation 18,500,000 12/15/86 Popular Blyth Eastman Industrial

11/23/81 11/23/81 N.Y. AH. Robbins Company, lnc. 15,200,000 11/01/91 Central Fidelity Bank Direct Placement Industrial

12/01/81 12/17 /81 N.Y. Bacardi Corporation 17,000,000 12/01/84 Popular Goldman Sachs Brown& Wood Pollution

03/01/82 03/18/82 N.Y. Jntel Corporation 40,000,000 03/01/87 Deutsche (Bankers Trust) A.G. Becker Brown&Wood Industrial

03/01/82 03/23/82 N.Y. Merk & Co.,Inc. 40,000,000 03/01/92 Popular Goldman Sachs Brown& Wood Industrial

03/01/82 04/15/82 N.Y. General Electric Co. 30,000,000 03/01/89 Chase Saloman Brothers Brown&Wood Industrial

04/01/82 04/21/82 N.Y. H.J. Heinz, Compciny Tuna Vessel 66,000,000 04/01/92 Mellen Bank Direct Placement Brown& Wood Industrial

04/01/82 04/21/82 N.Y. H.J. Heinz, Company Tuna Vessel 34,000,000 04/01/92 Mellon Bank Dillon, Read & Co. Brown&Wood Industrial

04/01/82 04/27 /82 N.Y. Union Carbide Corporation 21,500,000 04/01/87 Popular Saloman Brothers Industrial

06/01/82 06/15/82 N.Y. Sterling Drug !ne. 27,200,000 06/01/92 Popular Salomen Brothers Industrial

07 /01/82 07 /07 /82 N.Y. Schering - Plough Corporation 20,000,000 07/01/92 Ch ase AG. Becker Brown& Wood Industrial

08/01/82 08/17/82 N.Y. General Foods Corporation 7,000,000 08/01/92 Cha se Salomon Brothers Brown&Wood lndustríal

10/01/82 10/14/82 N.Y. Merck & Co., lnc. 20,500,000 10/01/92 Popular A.G. Becker Brown&Wood Industrial

10/15/82 11/17 /82 N.Y. Prime Computer, lnc. 10,000,000 10/15/92 Popular Smith Barney Industrial

11/01/82 11/10/82 N.Y. Wang Laboratories 20,000,000 11/01/92 The First Natl BK of Boston E.F. Hutton & Co. Brown& Wood Industrial

03/01/83 03/17/83 N.Y. Abbott Laboratories 54,000,000 03/01/23 Bankof NY Saloman Brothers Brown& Wood Industrial

l '

43 03/01/83 04/06/83 N.Y. Becton, Dickinson and Company

44 03/15/83 04/20/83 N.Y. Union Carbide Corporation

45 03/30/83 03/30/83 N.Y. Sun Refining and Marketing Company

46 04/01/83 04/26/83 N.Y. Instituto Medico del Norte (FmHA)

47 04/01/83 04/14/83 N.Y. CD-Instituto Medico del Norte

48 04/01/83 04/14/83 N.Y. CD-Instituto Medico del Norte

49 04/01/83 05/18/83 N.Y. Richarson - Vicks lnc.

50 04/06/83 04/06/83 N.Y. Tropic Sun Shipping C.,[nc. • Sun Co.

51 04/14/83 04/14/83 N.Y. Ponce Fed. Savings & Loan Assoc. of P.R.

52 05/01/83 05/24/83 N.Y. Amencan Cyanamid Company

53 05/01/83 06/06/83 N.Y. Hospital Auxilio Mutuo

54 05/01/83 05/25/83 N.Y. Ralson Purina Company

55 05/18/83 05/18/83 P.R. Roche Prod ucts

56 06/29/83 06/29/83 N.Y. Th. Goldschmídt AG

57 07 /01/83 07 /27 /83 N.Y. BOC, [ne. (Atrco)

58 07 /01/83 10/14/83 N.Y. Baxter Travenol Laboratories

59 08/01/83 08/11/83 N.Y. Centro Medico Psiquiatrico del Canbe

60 08/01/83 08/11/83 N.Y. Centro Medico Psiquiatrico del Caribe

61 08/01/83 09/13/83 N.Y. Eli Lilly and Company

62 08/01/83 09/20/83 N.Y. Reynolds Metals Company

63 09/01/83 09/27/83 N.Y. Intel Corporation

64 11/01/83 11/17/83 N.Y. Hospital San Pablo

65 11/15/83 12/07 /83 N.Y. PepsiCo, Inc.

66 12/01/83 12/30/83 N.Y. United Technologies Corporation

67 12/01/83 Wang Laboratories

68 12/01/83 12/28/83 N.Y. H.J. Heinz Company

69 12/01/83 12/29/83 N.Y. Bacardi Corparation

70 12/01/83 N.Y. The Upjohn Company

71 12/01/83 12/28/83 N.Y. Warner ~ Lambert

72 12/01/83 12/22/83 N.Y. Merck & Co., lnc.

73 12/01/83 12/22/83 N.Y. Matorola, lnc.

74 12/01/83 12/29/83 N.Y. Squibb Corporation

75 12/01/83 Sterling Drug, Inc.

76 12/01/83 12/22/83 N.Y. Key Pharmaceuticals Inc.

77 12/15/83 07/16/84 N.Y. Centro Medico del Tu rabo

78 12/19/83 12/19/83 N.Y. Anúesco Industries, Inc.

79 12/21/83 12/21/83 N.Y. Intel Carparation

80 12/23/83 12/23/83 N.Y. Johnson & Johnson

81 12/23/83 12/23/83 N.Y. American Home Producls Corp.

82 12/29/83 12/29/83 N.Y. Darby Drug Company

83 12/30/83 12/30/83 N.Y. Pall Corporation

84 03/01/84 03/01/84 P.R. Johnson & Johnson, Incorporated

l ' '



As of June 30, 2016

8,000,000 03/01/13 Chase

16,000,000 03/15/13 Popular

3,300,000 03/01/93 Philadelphia Natl Bank

11,655,000 04/01/03 Popular

1,220,000 04/01/03 Popular

14,775,000 04/01/86 Popular

5,250,000 04/01/93 Chase

7,700,000 03/01/93 Phlladelphia Natl Bank

10,000,000 04/01/90 Popular

18,000,000 05/01/13 Popular

3,175,000 05/01/08 Popular

5,000,000 01/01/24 Mellon Bank

6,000,000 06/01/88 Cha se

5,000,000 09/01/98 Morgan

30,000,000 07/01/93 Chas e

42,500,000 09/01/12 Chas e

12,950,000 08/01/25 Popular

13,625,000 08/01/87 Popular

20,000,000 08/01/13 Ch ase

41,285,000 09/01/13 Citibank

80,000,000 09/01/13 Deutsche (Bankers Trust)

21,020,000 08/01/23 Popular

32,500,000 11/15/13 Chase

4,300,000 12/01/93 Popular

25,800,000 12/01/93 The First Natl BK of Boston

9,000,000 12/01/93 Mellon Bank

15,200,000 12/01/13 Citibank

40,000,000 12/01/23 Ch ase

24,000,000 05/01/14 Mellon Bank

20,000,000 12/01/18 Popular

20,000,000 01/01/14 Chase

25,000,000 12/01/23 Ch ase

15,750,000 12/01/23 Popular

40,000,000 12/01/13 Scutheast Bk

53,975,000 01/15/25 Popular

7,000,000 01/01/96 Chemícal

30,000,000 12/01/13 Deutsche (Bankers Trust)

40,000,000 01/01/14 US Bank Trust

40,000,000 40,000,000 12/01/18 The Bank ol NY

5,000,000 01/01/96 Chemical (Manufacturers)

9,000,000 12/01/93 Morgan

10,632,000 01/01/14 US Bank Trust

'

Blyth Eastman Brown& Wood Industrial

Blyth Eastman Brown& Wood Pollution

A.G. Becker Industrial

A.G. Becker Brown&Wood Medica! Fac

A.G. Becker Brown&Wood Medica! Fac

A.G. Becker Medical Fac


First Boston Industrial

Sherson/ American Ex Brown&Wood MedicalFac

Merríll Lynch & Co. Industrial

Merrill Lynch & Co. Brown&Wood Medical Fac

Goldman Sachs Industrial

Private Placernent Industrial

Direct Placement Industrial

A.G. Becker Industrial

Goldman Sachs Brown& Wood Industrial

Sherson/ American Ex Brown& Wood Medical Fac

Sherson/ American Ex Brown& Wood Medica! Fac

Salomen Brothers Brown& Wood Industrial


L.F. Rothschild, Brown&Wood Industrial

Merrill Lynch & Co. Brown&Wood Med1cal Fac

Saloman Brathers Brown&Wood Industrial

Saloman Brathers Industrial

Direct Placernent Brown& Woad Industrial

Dillon, Read & Co. Brown& Wood Industrial

Goldman Sachs Brown& Wood Pollutian

Salomen Brothers Brown & Wood Industrial


Goldman Sachs Brown&Wood Industrial


Salomen Brothers Brown& Wood Industrial


Morgan Stanley Brown& Wood Industrial

Becker Paribas P.R. Medica! Fac


Direct Placement Brown& Waad Industrial


Merríll Lynch & Co. Brown& Wood Industrial


Morgan Industrial


... \ '

85 05/18/84 05/18/94 N.Y. American Cyanamid Company

86 09/01/84 09/24/84 P.R. HMCA (P.R.), !ne.

87 12/01/84 12/01/84 P.R. C.R. Bard, lnc.

88 12/01/84 12/01/84 The Mennen Company

89 12/21/84 M/ A - Com, !ne.

90 01/15/85 02/14/85 N.Y. Doctor Pila Hospital

91 03/26/85 03/26/85 N.Y. The West Company, Inc

92 ·10/01/85 10/29/85 N.Y. Pueblo International, lnc. - Series A

93 11/01/85 11/29/85 N.Y. Pueblo International, lnc. - Series B

94 11/15/85 12/31/85 N.Y. Puerto Rico Aqueduct & Sewer Authority

N.Y. Guayama Project

N.Y. Humacao Project

N.Y. Fajardo Project

N.Y. Sludge Disposal Project

95 12/01/85 12/23/85 N.Y. American Airlines, lnc.

96 12/01/85 l2/17/85 P.R. CitiProperties P.R., Inc. Office Building

97 12/01/85 12/30/85 N.Y. Power Conversion, lnc.

98 12/05/85 12/31 /85 N.Y. Pueblo lnternational, Inc. - Series C

99 12/30/85 12/30/85 N.Y. Fundacion Educativa Ana G. Mendez

100 05/02/86 05/02/86 P.R. First SBS - CA Associates

101 05/07 /86 05/07 /86 P.R. Seguros de Servicios de Salud de P.R., lnc.

102 05/16/86 05/16/86 P.R. Damas Hospital

103 06/01/86 06/16/86 P.R. Industrias Vasallo Inc., Ponce Manuf.

104 06/01/86 06/18/86 P.R. Dorado Beach Hotel Corporation

105 10/01/86 10/02/86 P.R. San Juan Hotel

106 05/14/87 05/14/87 P.R. Exabil, G.1.E.

107 06/19/87 06/19/87 P.R. The Normandie Hotel

108 08/01/87 09/01/87 P.R. lsland lnternational Leasing. Inc.

109 08/14/87 08/14/87 P.R. Corp. Des. Econ. Carolina (CODESCA)

110 10/01/87 10/08/87 P.R. Southmark San Juan(Sands Hotel & Casino)

Southmark San Juan, Series A

Southmark San Juan, Series B

111 11/16/87 11/16/87 N.Y. Cltholic University of Puerto Rico

112 12/07/87 12/07/87 P.R. Ferrasán Developing Corporation

113 04/01/88 04/15/88 P.R. Oriental Federal Saving Bank

114 06/17/88 06/17/88 N.Y. In ter American University of Puerto Rico

115 08/15/88 08/29/88 P.R. H.I. Development

1988 Series A (H.!. Hotels Project)

1988 Senes M (H.1. Mayagüez Hotel)

116 l 0/13/88 10/13/88 P.R. HPH Real Estate

117 10/15/88 10/28/88 P.R. Mayagüez Mali

118 11/01/88 12/01/88 N.Y, Doctor Pila Hospital

\ '



As of June 30, 2016

20,000,000 05/01/15 Popular

11,500,000 08/01/94 Popular

3,500,000 12/01/04 Ch ase

9,250,000 12/01/14 Cha se

9,000,000 12/01/94 Cherrúcal

19,460,000 08/01/25 Popular

5,000,000 01/01/05 Chas e

5,000,000 10/01/00 Popular

5,000,000 11/01/00 Popular

176,000,000 11/15/18 Che mi cal

36,160,000 12/01/25 US Bank

26,000,000 12/01/00 Popular

3,500,000 12/01/95 Chas e

7,500,000 12/01/97 Popular

23,100,000 12/01/15 US. Trust

13,000,000 05/01/06 Popular

15,470,000 05/15/01 Popular

15,670,000 05/01/96 Popular

6,500,000 06/01/01 Popular

74,000,000 06/01/96 Popular

30,500,000 10/15/96 Popular

14,665,000 02/15/00 Popular

8,500,000 07 /01/07 Popular

23,000,000 02/01/99 Popular

20,750,000 02/01/09 Popular

38,000,000 10/01/07 Santander

15,265,000 12/01/07 Popular

3,800,000 06/01/04 Popular

8,100,000 04/01/08 Popular

25,000,000 06/01/08 U.S. Trust

28,670,000 08/01/03 Popular

8,500,000 10/01/01 Popular

24,000,000 11/01/99 Popular

24,395,000 08/01/28 Po ular

... '


Prudential - Bache Medica! Fac




Merrill Lynch & Co Medical Fac

Direct Placement Brown& Wood Industrial

Chase Manhattan Brown&Wood Commercial

Chase Manhattan Brown& Wood Commercial

Drexel Burnham Brown&Wood Pollution

First Boston Brown& Wood Commercial


Chase Manhattan Industrial

Chase Brown& Wood Commercial

E.F. Hutton & Co. Alexander - Green Higher Educ.

Popular Pietrantoni Commercial


E.F. Hutton & Co . Medica! Fac

Chase Manhattan Trias Doval Industrial

Merrill Lynch & Co Brown& Wood Tourism

Merrill Lynch & Co Sweeting González Tourism

Paine Webber Transportation

Prudential - Bache Martinez Odell Tourism

Merrill L ynch & Co Sweeting González Commercial

Prudential - Bache McConnell Valdés Medica! Fac

Drexel Burnham Martinez Odell Tourism

First Boston Mudge Rose Higher Educ.

Popular Sweeting González Commercial


Shearson Lehman Higher Educ.

Dean Witter Tourism


Chas e Commercial

Merrill L nch & Co Medical Fac

' '-

119 11/04/88 11/04/88 P.R. AroChem International

120 12/01/88 12/19/88 P.R. San Juan Cement, lnc.

121 12/15/88 12/23/88 P.R. 419 Ponce De León, Inc. (Plaza Acuática)

122 02/10/89 02/10/89 P.R. Canbbean Airport Facilities

123 04/15/89 04(18/89 P.R. B & C Bottlers Corporation

124 06/01/89 06/09/89 P.R. Plaza Guayama Shopping Center

Series A Serial Bonds

Series B Compound Interes Bonds

125 07 /01/89 07 /13/89 P.R. AT&T- P.R. Fiber Optic Cable

126 08/07 /89 08/07 /89 P.R. Taber Partners l (Howard Johnson's)

127 09/27/89 09/27 /89 P.R. Interlink Group, Inc. (Centro Europa)

128 01/01/90 01/25/90 P.R. Consolidated Medica! Plaza (Caguas Medica! Mali)

129 02/01/90 02/15/90 P.R. TRU of P.R. (Toys "R" Us)

130 09/01/90 09/13/90 P.R. Syntex (F.P.)

131 09/27 /90 09/27 /90 N.Y. Vent-Alarm Corporation

132 01/31/91 01/31/91 P.R. El Conquistador Resort

133 03/05/91 03/05/91 P.R. Luan Investrnent S.E.

134 07/19/91 07/19/91 P.R. Cruz Azul de Puerto Rico

135 08/07/91 08/07 /91 P.R. Plaza del Caribe

136 09/01/91 09/24/91 P.R. Damas Foundation

Damas Foundation, Series A

Damas Foundation, Series B

Damas Foundation, Series C

137 10/01/91 10/01/91 N.Y. Ana G. Mendez Educational Foundation

138 12/16/91 12/20/91 P.R. FJ Ventures, S.E.

139 07/01/92 07/29/92 P.R. Plaza del Norte (H.T. Venture, S.E.)

140 11/01/92 11/30/92 P.R. American International Plaza

141 11/30/92 11/30/92 P.R. Plaza del Oeste (TJAC San Germán S.E.)

142 12/01/92 12/17 /92 N.Y. St. Luke's Hospital Project

143 04/01/93 04/27 /93 P.R. Plaza Juana Dfaz Project

144 08/01/93 09/02/93 N.Y. Catholic University of P.R.

145 09/01/93 09/21/93 P.R. San Juan Marriot (Condado Hotel)

146 12/01/93 12/14/93 P.R. Plaza Isabela Development, S.E.

147 12/01/93 12/14/93 P.R. Plaza Guarnan! Project (GY Ventures)

148 12/01/93 12/21/93 N.Y. Polytechnic University of P.R.

149 12/01/93 12/21/93 P.R. San Patricio Plaza

150 04/13/94 04/13/94 P.R. Río Mar Resort Project

151 05/13/94 05/13/94 N.Y. Inter American University of P.R.

152 05/15/94 06/07 /94 N.Y. Ryder l\lcmoriJl llospit.il

153 08/01/94 N.Y. Polytechnic University

154 01/15/95 02/16/95 N.Y. Hospital Auxilio Mutuo Obligated Group

155 02/01/95 02/23/95 P.R. Plaza Palma Real

l ' GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO


As of June 30, 2016

17,000,000 11/01/96 Popular

26,000,000 01/01/04 Santander

12,000,000 12/15/03 Comrn. Trust

13,000,000 01/01/99 Popular

13,200,000 04/15/05 Popular

12,930,000 06/01/11 Popular

55,300,000 07 /01/99 Popular

27,650,000 08/01/09 Popular

18,700,000 10/01/11 Popular

3,600,000 07/01/06 Santander

20,000,000 11/01/05 Popular

40,000,000 05/01/15 Popular

3,000,000 09/01/10 Popular

120,000,000 11/01/99 Popular

20,175,000 03/01/11 Santander

14,000,000 07 /18/06 Santander

58,423,933 09/01/16 Popular

17,004,492 11/01/06 Popular

14,100,000 07 /01/03 U.S. Trust

21,100,875 01/01/18 Popular

64,400,000 08/01/18 Popular

44,640,000 12/01/22 Popular

15,580,000 12/01/18 Santander

10,270,000 06/01/10 Popular

17,000,000 04/01/18 Santander

10,750,000 12/01/07 Popular

87,500,000 12/01/14 Santander

21,340,000 12/01/19 Popular

12,750,000 12/01/19 Popular

16,500,000 08/01/24 Popular

22,605,000 01/01/17 Santander

115,847,988 09/01/14 Popular

29,000,000 04/01/14 U.S. Trust

15,000,000 7,1)90,000 05/0l/24 Popular

4,500,000 08/01/24 Popular

63,855,000 07/01/24 Popular

43,450,000 07/01/20 Popular

' ' ' ...

Prudential - Bache Industrial

Paine Webber McConnell Valdés Industrial

Drexel Burnham McConnell Valdés Commercial

Prudential - Bache Sweeting González Commercial

Citicorp, Citibank Sweeting González Industrial

Paine Webber Commercial

Chase Securities Service

First Bastan McConnell Valdés Tourism

Prívate Placement Fiddler Commercial

Prívate Placement Central Sweeting González MedlcalFac

Prívate Placement Citicorp McConnel Valdés Commercial

Private Placement Citicorp McConnel Valdés Industrial

Meduña&Co Brown& Wood Industrial

Chase Securities Fiddler Tourism

Lehman Brothers Fiddler Commercial

Private Placement Fiddler Medica! Fac

Lehman Brothers Fiddler Commercial

Lehman Brothers McConnel Valdés Medica! Fac

Lehman Brothers MudgeRose HigherEduc

Paíne Webber McConnel Valdés Commercial

Paine Webber McConnel Valdés Cornmercial

Paine Webber Fiddler Commercial

Paíne Webber Fiddler Commercial

First Boston Brown& Wood Medica! Fac

Paine Webber Martinez Odell Commercial

First Boston Brown & Wood Higher Educ

Paine Webber McConnel Valdés Tourism

Paine Webber Goldrnan Antonetti Commercial

Paine Webber Goldrnan Antonetti Commercial

Paine Webber Brown& Wood HigherEduc


Lehman Brothers Pietrantoni Tourism

Lehman Brothers Brown& Wood Higher Educ

First Boston Brown& Wood Medica! Fac

Paine Webber Brown & Wood Educational

Paine Webber Brown&Wood Medica! Fac

Paine Webber Martlnez Odell Commercial

\ '

156 05/15/95 05/31/95 P.R. San Patricio Plaza (Phase II)

157 08/15/95 09/14/95 P.R. Doctor Pila Hospital

·1s8 12/01/95 12/28/95 N.Y. Guayn.1bu !'vlunidp,il GovernmC'nl Center

159 12/19/95 12/19/95 P.R. The Ritz-Carlton S.J. Hotel & Casino

160 12/21/95 12/21/95 N.Y. Ana G. Mendez University System

161 01/15/96 01/25/96 P.R. Hampton Inn Hotel

162 02/15/96 02/29/96 P.R. Hotel El Convento

163 04/01/96 04/24/96 N.Y. Mennonite General Hospital

164 08/01/96 08/15/96 N.Y. Teachers Retirement Syste~ Building

165 08/01/96 08/15/96 P.R. Teachers Retirement System Building

166 04/01/97 04/29/97 N.Y. Hospitcll Auxilio Mutuo Obligated Group

167 11/15/97 "12/09/97 N.Y. Mennonite General Hospital

168 11/15/97 11/25/97 P.R. Ashford Prc>hysleri.111 Communily Hosp Parking * 169 03/01/98 03/26/98 N.Y. Inter American University of P.R.

"170 04/14/98 04/14/98 P.R. Martineau Bay Resort

171 05/28/98 05/28/98 P.R. Ramallo International Center

172 06/01/98 06/04/98 P.R. Santander Loan Program - series A

"173 07 /09/98 07 /09/98 N.Y. Ana G. Mendez University System

174 10/01/98 10/21/98 P.R. Guayn,lho Warehous<' for Emergencies

175 11/20/98 11/20/98 P.R. Rfo Mar Resort Project

"176 12/15/98 12/23/98 N.Y. Fondo del Seguro del Estado (Carolina)

177 03/01/99 03/24/99 P.R. Plaza Las Américas

178 03/31/99 03/31/99 N.Y. Humacao Judicial Center

179 04/14/99 04/14/99 P.R. Embassy Suites Dorndo del Mar

180 07 /01/99 07/07/99 N.Y. Ana G. Mendez Umversity System

181 06/15/99 07 /15/99 N.Y. San Lul',IS and Cristo Redentor llospitals

182 09/23/99 09/23/99 P.R. Cayo Largo Inter-Continental Beach Resort

183 10/28/99 10/28/99 P.R. Dor,ll Financia! Ccnter

184 11/01/99 11/05/99 N.Y. GE Capital -Masters Concrete

185 GE Capital -Masters Agregates

186 GE Capital - Masters Agregates

187 GE Capital - Minimaster

188 11/01/99 11/05/99 N.Y. GE Capital - Atlantic Pipe

189 11/10/99 11/16/99 P.R. Santander Loan Program- Series B

190 03/21/00 03/21/00 N.Y. GE Capital - Hormigonera Mayagüezana

191 03/09/00 03/09/00 P.R. Embassy Suites San Juan

192 06/01/00 06/01/00 N.Y. AES Puerto Rko*

193 06/15/00 06/15/00 N.Y. Ilospil,11 <ll' l,i Concl•pción

194 08/10/00 08/10/00 P.R. Santander Loan Program- series C

195 09/28/00 09/28/00 P.R. Paradisus Coco Beach Resort

196 09/28/00 09/28/00 P.R. Coco Beach Golf & Country Club

197 10/26/00 10/26/00 P.R. P.1lm.1s dcl l\far Country Club

l " '



As of June 30, 2016

18,040,000 07 /01/20 Santander

26,665,000 08/01/32 Popular

19,090,000 7,285,000 07 /01/22 Popular

85,135,000 09/01/25 Popular

23,600,000 01/01/15 U.S. Trust

11,550,000 03/01/20 Popular

9,340,000 09/01/20 Popular

39,330,000 07 /01/26 Santander

15,210,000 07 /01/21 Popular

11,735,000 07 /01/11 Popular

28,395,000 07 /01/26 Popular

11,200,000 07 /01/27 Santander

8,540,000 4,285,000 11/01/20 Santander

87,025,000 10/01/22 Santander

27,130,000 09/01/28 Popular

51,740,000 07/01/23 Santander

50,000,000 06/01/18 USBank

26,700,000 10/01/21 USBank

13,215,000 6,135,000 07 /01/24 Popular

146,584,370 12/20/28 Popular

26,225,000 12/15/28 Santander

200,003,601 07/01/29 Popular

37,615,000 10/01/30 Popular

33,000,000 04/01/19 Santander

41,870,000 02/01/29 US Bank

30,455,000 18,085,000 06/01/29 Santander

75,330,000 12/20/29 Popular

44,765,000 30,835,000 12/01/29 Citibank

2,327,000 12/22/09

6,425,000 11/05/09

2,695,000 11/22/09

3,841,000 12/22/09

5,000,000 11/05/09

25,000,000 12/01/19 US Bank

4,500,000

38,400,000 04/01/25 Santander

195,000,000 195,000,000 06/01/26 Deutsche (Bankers Trust)

37,215,000 27,165,000 11/15/30 Wells Fargo (Norwest Bank)

26,000,000 12/01/20 US Bank

68,290,000 12/20/30 Popular

18,000,000 12/20/30 Popular

30,000,000 22,485,000 12/20/30 UBS (Paine Webber Trust)

Paine Webber McConnel Valdés Commercial

Mernll L ynch & Co Brown& Wood Medical Fac

Paine Webber Brown& Wood Others

BP Capital Markets Pietrantoni Tourism

Smith Bamey !ne. Roger& Wells Educational

BP Capital Markets Martínez Odell Tourism

BP Capital Markets Pietrnntoni Tourism

Merrill L ynch & Co Brown& Wood Medical Fac

Margan Stanley Brown& Wood Industrial

BP Capital Markets Pietrantoni lndustríal

Paine Webber Brown & Wood Medica! Fac

Merrill Lynch & Co Brown&Wood Medica] Fac

Paine Webber McConnel Valdés Industrial

Merrill Lynch & Co Brown&Wood Educational

Popular Securities Goldman Antonetti Tourism

Popular Securities O'Neill Borges Industrial

Santander Securities Pietrantoni Commercial

Lehman Brothers Squire Sanders Educational



Prudential Securities Brown& Wood Industrial

Smith Bamey !ne. O'Neill Borges Commercial

Popular Securities Brown& Wood Industrial

Santander Securities Pietrantoni Tourism


Merrill Lynch & Co Brown &Wood MedicalFac

Popular Securities Martínez Odell Tourism

Popular Securities Fiddler Commercial

GE Capital Brown& Wood Industrial

GE Capital Brown & Wood Industrial



Santander Securities Martlnez Odell Tourism

Goldman Sachs Brown & Wood Industrial

Smith Barney lnc. Brown& Wood Medica! Fac





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223

224

225

226

227

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231

\

10/31/00 P.R.

11/01/00 11/01/00 N.Y.

10/26/00 10/26/00 P.R.

11/30/00 11/30/00 N.Y.

12/06/00 12/06/00 P.R.

12/21/00 12/21/00 N.Y.

12/28/00 12/28/00 P.R.

06/01/01 06/26/01 N.Y.

06/01/01 06/28/01 N.Y.

06/28/01 06/28/01 P.R.

08/15/01 08/15/01 P.R.

08/20/01 08/20/01 P.R.

09/27 /01 09/27 /01 P.R.

11/27/01 11/27 /01 N.Y.

12/14/01 12/14/01 N.Y.

12/31/01 12/31/01 N.Y.

01/15/02 02/01/02 N.Y.

02/28/02 02/28/02 P.R.

08/29/02 08/29/02 P.R.

11/01/02 11/01/02 P.R.

12/19/02 12/19/02 N.Y.

04/16/03 04/16/03 P.R.

09/10/04 09/10/04 P.R.

12/01/04 12/22/04 N.Y.

03/08/06 03/08/06 P.R.

04/11/06 04/11/06 N.Y.

12/18/09 12/18/09 P.R.

03/30/11 03/30/11 P.R.

03/30/11 03/30/11 P.R.

07/07/11 07 /07 /11 P.R.

07/07/11 07 /07 /11 P.R.

06/27/12 06/27 /12 P.R.

08/07 /12 08/07/12 P.R.

12/18/12 12/18/12 P.R.

l \ l l ' GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO


As of June 30, 2016

Hampton Inn Hotel - Caguas 19,000,000 12/20/30 Popular

GE Capital - Nidco Aggregates 6,900,000 12/01/10

MOV A Real Estate 17,000,000 11/15/15 Santander

llristol- l\Iyers Squibb Comp,my 15,200,000 15,200,000 12/31/30 The Bank al NY

Costa Sur Golf & Contry Club -Serralles 39,000,000 10/01/30 Popular

University l'lJz., 86,735,000 66,485,000 07 /01/33 The Bank al NY

Belz Factory Outlet World Puerto Rico 66,915,000 12/01/30 Santander

GE Capital -Tech Group 3,000,000 07/01/08

University of the Sacred Heart 25,130,000 09/01/31 Popular

El Nuevo Día 130,000,694 12/01/31 US Bank

Embassy Suites Dorado del Mar Hotel & Golf 5,975,000 10/01/26 Santander

Santander Loan Program- series D 25,000,000 12/01/21 USBank

Humacao Judicial Center 4,095,000 10/01/30 Popular

Master Aggregates Serie A 823,150 11/01/09

Master Aggregates Serie B Concrete products 1,621,050 11/01/09

Master Aggregates Serie C Mini-Master 1,843,250 11/01/09

Ana G. l\Iéndez University Syslem * 20,365,000 14,625,000 12/01/31 USBank

Torre Chardón 59,165,000 03/01/32 Popular

Galería Tower at San Patricio 52,230,680 06/01/32 Santander

DorJl Fin,rnci.11 Center lluilding* 7,600,000 6,500,000 12/01/29 Popular

Polyt('drnic University of Puerto Rico 34,330,000 27,330,000 08/01/32 Popular

Costa Caribe 2003 A - Serralles 16,835,000 04/01/33 Popular

Coco Beach Golf & Countru Club (CAB's) 7,497,854 12/20/34 Popular

lntt'r Americ,m University of P.R. 36,575,000 26,340,000 10/01/29 The Bank al NY

Costa Caribe Resort, 2006 Series A 54,370,000 04/01/33 Popular

Ana G. l\léndez University System* 29,890,000 24,970,000 03/01/36 US Bank

San P,1lrido rli1Z,1 - 2009 A 21,775,000 8,010,000 06/15/20 Popular

G.ileri.i Towcr .1t San Patricio Projed 59,649,745 61,936,178 04/01/41 Popular

Trump lnlernation,11 Golf Club Puerto Rico Project 26,355,000 22,350,000 12/20/34 Popular

llospit,11 Auxilio l\luluo Obligated Group Project, 2011 A 101,035,000 71,285,000 07/01/33 Popular

Hospital Auxilio J'vluluo Obligaled Group Project, 2011 n 11,590,000 07 /01/15 Popular

Ana G. Méndez University System* 78,380,000 64,875,000 04/01/42 USBank

lnler Americ,111 University, Series 2012 58,455,000 41,415,000 10/01/31 The Bank al NY

University of lite Sacred lle.ir( Projecl, Series 2012 23,330,000 21,145,000 10/01/42 Popular

Total 6,353,207,454 830,831,178

* Outstanding balance not coIÚirmed by trustee.

\. ' ' '

Doral Securities Martinez Odell Tourism


Santander Securities O'Neill Borges Industrial

First Conunerce Squire Sanders Industrial

Santander Securities Fiddler Tourism

Paine Webber Brown&Wood Educational

Popular Securities O'Neill Borges Commercial

GE Capital Brown&Wood Industrial

Paine Webber Squire Sanders Educational

Paine Webber Fiddler Industrial

Santander Securities McConnel Valdés Tourism


Popular Securities 0 1Neill Borges Others

GE Capital Brown & Wood Industrial




Popular Securities Fiddler Commercial


Doral Securities Cansio, Covas, Santiago Commercial

Merrill Lynch & Co. Nixon Peabody LLP Educational


Santander Securities McConnel Valdés Tourism




Popular Securities Me Connell Valdés Commercíal





Squire Sanders Educational

Popular Securities Squire Sanders Educational

Santander Securities Squire Sanders Educational

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11. B

Emisiones de Bonos Vigentes al Finalizar el

Año Fiscal 2015-2016

2

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7

8

9

10

11

12

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12/23/83 12/23/83 N.Y.

05/15/94 06/07 /94 N.Y.

12/01/95 12/28/95 N.Y.

11/15/97 11/25/97 P.R.

10/01/98 10/21/98 P.R.

06/15/99 07 /15/99 N.Y.

10/28/99 10/28/99 P.R.

06/01/00 06/01/00 N.Y.

06/15/00 06/15/00 N.Y.

10/26/00 10/26/00 P.R.

11/30/00 11/30/00 N.Y.

12/21/00 12/21/00 N.Y.

01/15/02 02/01/02 N.Y.

11/01/02 11/01/02 P.R.

12/19/02 12/19/02 N.Y.

12/01/04 12/22/04 N.Y.

04/11/06 04/11/06 N.Y.

12/18/09 12/18/09 P.R.

03/30/11 03/30/11 P.R.

03/30/11 03/30/11 P.R.

07 /07 /11 07 /07 /11 P.R.

06/27 /'12 06/27 /12 P.R.

08/07 /12 08/07 /12 P.R.

12/18/12 12/18/12 P.R.

\ ' 1 ' ' GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO


As of June 30, 2016

American Home Products Corp. 40,000,000 40,000,000 12/01/18 The Bank of NY

Ryder Memorial Hospital 15,000,000 7,090,000 05/01/24 Popular

Guaynabo Municipal Government Center 19,090,000 7,285,000 07/01/22 Popular

Ashford Prebysterian Community Hosp Parking * 8,540,000 4,285,000 11/01/20 Santander

Guay nabo Warel10use for Emergencies 13,215,000 6,135,000 07 /01/24 Popular

San Lucds and Cristo Redentor Hospitals 30,455,000 18,085,000 06/01/29 Popular (Santander)

Doral Financia! Center 44,765,000 30,835,000 12/01/29 Citibank

AES Puerto Rico * 195,000,000 195,000,000 06/01/26 Deutsche (Bankers Trust)

Hospital de la Concepción 37,215,000 27,165,000 11/15/30 Wells Fargo (Norwest llank)

Palmas del Mar Country Club 30,000,000 22,485,000 12/20/30 UllS (PaineWebber Trust)

Bristol-Myers Squibb Company 15,200,000 15,200,000 12/31/30 The Bank of NY

University Plaza 86,735,000 66,485,000 07/01/33 The Bank of NY

Ana G. Méndez University Systezn* 20,365,000 14,625,000 12/01/31 US Bank

Doral Financial Center Building * 7,600,000 6,500,000 12/01/29 Popular

Polyteclmic University of Puerto Rico 34,330,000 27,330,000 08/01/32 Popular

Inter American Uníversity of P.R. 36,575,000 26,340,000 10/01/29 The Bank of NY

Ana G. Méndez University System* 29,890,000 24,970,000 03/01/36 US Bank

San Patricio Plaza - 2009 A 21,775,000 8,010,000 06/15/20 Popular

Galeria Tower at San Patricio Project 2011 59,649,745 61,936,178 04/01/41 Popular

Trump International Golf Club Puerto Rico Project 26,355,000 22,350,000 12/20/34 Popular

Hospital Auxilio Mutuo Obligated Group Project 101,035,000 71,285,000 07/01/33 Popular

Ana G. Méndez University Systern* 78,380,000 64,875,000 04/01/42 US Bank

Inter American University, Series 2012 58,455,000 41,415,000 10/01/31 The Bank of NY

University of U1e Sacred Heart Project Series 2012 23,330,000 21,145,000 10/01/42 Popular

Total 1,032,954,745 830,831,178

* Outstanding balance not cozúirmed by lrustee.

'

Merrill Lynch & Co. Brown&Wood Industrial

First Bastan Brown&Wood Medica! Fac

Paine Webber Brown&Wood Others

Paine Webber McConnel Valdés Industrial


Merrill Lynch & Co Brown&Wood Medica! Fac

Popular Securities Fiddler Com.mercial


Smith llarney Inc. llrown&Wood Medica! Fac


First Commerce Squire Sanders Indusb·ial

Paine Webber Brown&Wood Educational


Doral Securities Cansio, Covas, Santiago Commercial

Merrill Lynch & Co Nixon Peabody LLP Educational

Lehman llrothers Squire Sanders Educational

Lelunan Brothers Squire Sanders Educational

Popular Securities McConnell Valdes Commercial





Popular Securities Squire Sanders Educational


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11. e

Emisiones de Bonos durante el Año Fiscal 2015-2016

No Hubo Emisiones en el Año Fiscal 2015-2016

11. D

Transacciones Posteriores al Cierre del Año Fiscal 2015-2016

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No Hubo Transacciones Posteriores al Cierre del Año Fiscal 2015-2016

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